Re: Buying Leasehold
I would advise you to go and see a solicitor.Re: Buying Leasehold
I know it seems like a bit of a minefield I have looked it up on the net but it is very unclear and I think some of the articles I have viewed are a fair few years old we are going to a solicitor when we decide what to do thanks for answer to my post though shaz...Re: Buying Leasehold
I think it should be fairly easy to buy the lease on your house if you wish to Suey and it is not very expensive. My mum bought the lease on her bungalow some years ago and it was quite a simple thing to do. The cost was the equivalent of a ten years ground rent, I think (can't remember how much) A freehold house is usually more attractive to buy than a freehold one, but check that there are no restrictions or obligations which need to be met. For example, she found that the church had a right to demand contributions towards the maintenance off the parish church (although this had never been asked for). She overcame it quite easily by purchasing a single payment insurance to cover her.Re: Buying Leasehold
I think you may find that the lease may be more than a couple of hundred to buy, our Ground Rent is £26.00 pa, but our ex nextdoor neighbour bought their freehold prior to selling two years ago, and I think they paid £3500.00. Shortly after they bought the freehold, I phoned our freeholder (the same company as nextdoors) to ask how much our freehold would cost, their answer was "make us an offer". I think in recent years, legislation has been passed that limits what a freeholder can charge, in relation to property, or rateable value, or something, but I would have to do some digging to refresh my memory.Re: Buying Leasehold
Thank you Aerolor and Spitfire for your replies we have a feeling we are probably talking thousands here I think it's one of those things that can either be really easy or a complete nightmare our lease is run by a company in Birmingham (chartered surveyors) so I am not expecting them to be cheap we are leaving it a couple of months till we inquire as having a few jobs done on the house...We had a good return when our mortgage ended earlier in the year so we thought it might be a good time to buy the freehold...Thanks again for the replies..Re: Buying Leasehold
The difference between buying leasehold and freehold property is that with leasehold you never own the land that your property stands on - with freehold you do.Re: Buying Leasehold
All the land in the ACT is leasehold on crown leases, provided that the land is not required by either the Territory or Commonwealth, the Territory will grant a new residential lease towards the end of the 99 years, to the person holding the old residential lease, without payment (other than an administrative fee). This gives the lessee continuing security of tenure.Re: Buying Leasehold
My mum's bungalow was a detached property set on a fair piece of land and the ground rent was not expensive - It was a 50 year old bungalow with a very long lease and think the ground rent was only £15.00 p.a.Re: Buying Leasehold
Thanks Aerolor I hope ours is as easy about 1/3 of the houses on our estate of 66 houses have purchased the leasehold so I don't think it should be too hard once we get going we have a couple of jobs in progress on the house when these are finished we are going to see our Solicitor about it thanks again...Sue
|