Why your flat is losing value 📉

Added: 2026-05-26

[00:00:00]Put in the offer.

[00:00:00]>> Your first property. Yeah, first property, one bedroom flat, 82, 83 year lease.

[00:00:04]>> But what, you know, didn't that scare you? Like, why 83 year lease? I didn't understand it then. Oh, really?

[00:00:09]>> [laughter] >> Going to buy it, and then rent it out.

[00:00:11]Just to keep it simple, roughly about £500 a month profit, just roughly. I was thinking, wait a minute, that's like two weeks or so of my wages there. So, I'm thinking this is a no-brainer. So, I bought it, and then someone said to me, "Oh, so you got a flat, yeah? How long's the lease?" Checked the legal pack. So, 82 years or 83 years. They said, "Oh, don't let it go below 80 years." So, I've done some research, and they said, "Oh, if your flat goes below 80 years, your flat will start to diminish in value." So, I contacted the freeholder, phoned him up, said, "Oh, hi, I'd like to extend my lease, please." They said, "Oh, so what do you do then?" I said, "Oh, um I work in Sainsbury's." I think he felt sorry for me. So, he gave me the lease for £1,000.