Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • LoopyLoops
    • By LoopyLoops 21st Sep 16, 3:39 PM
    • 6Posts
    • 0Thanks
    LoopyLoops
    Buy freehold before we can sell
    • #1
    • 21st Sep 16, 3:39 PM
    Buy freehold before we can sell 21st Sep 16 at 3:39 PM
    We bought our home 13 years ago. It is leasehold with the local council holding the Freehold.

    Now we are looking to sell and only have 50 years left on the lease, which we know is a major issue. We have contacted the council and asked for the cost of purchasing the freehold, and the cost of extending the lease. My question is they are using a surveyor to work out the costs, but the surveyor doesn't need to come to the house. We are wondering how can they work out the value of the house without visiting it? The council have said that it will take a couple of weeks We are very anxious about what the cost is going to be. We are concerned that if they over value the house that it will make the Freehold more expensive, or does it make no difference and this is why the surveyor doesn't come inside the house? Any insight greatly appreciated. Thanks

    We where offered the opportunity to purchase the Freehold when we bought, but we didn't understand the implications and didn't stop to ask. We know that this is our fault, but what is done is done, and we will pay the price now.
Page 1
    • eddddy
    • By eddddy 21st Sep 16, 4:00 PM
    • 3,527 Posts
    • 3,175 Thanks
    eddddy
    • #2
    • 21st Sep 16, 4:00 PM
    • #2
    • 21st Sep 16, 4:00 PM
    I assume your home is a house (not a flat).

    So you're taking an informal approach to buying the freehold.

    If you don't like the price the council suggests, you can negotiate.

    Although realistically I doubt the council would take much notice of an amateur valuation (done by yourself) - you would probably need to pay your own surveyor for a professional valuation before negotiating.


    If you and the council can't agree on a price, you'd probably need to go down the statutory route and serve notice on the council etc. (Which will ramp-up the fees you have to pay.)

    See: http://www.lease-advice.org/advice-guide/houses-qualification-and-valuation/
    Last edited by eddddy; 21-09-2016 at 4:14 PM.
    • AdrianC
    • By AdrianC 21st Sep 16, 5:20 PM
    • 11,165 Posts
    • 9,467 Thanks
    AdrianC
    • #3
    • 21st Sep 16, 5:20 PM
    • #3
    • 21st Sep 16, 5:20 PM
    We bought our home 13 years ago. It is leasehold with the local council holding the Freehold.

    Now we are looking to sell and only have 50 years left on the lease, which we know is a major issue.
    Originally posted by LoopyLoops
    TBH, I'm surprised you could mortgage it with only 63 years left.

    We have contacted the council and asked for the cost of purchasing the freehold, and the cost of extending the lease.
    For a statutory extension, you can use this simple online calculator.
    http://www.lease-advice.org/calculator/

    My question is they are using a surveyor to work out the costs, but the surveyor doesn't need to come to the house. We are wondering how can they work out the value of the house without visiting it?
    Because they just need a rough ballpark - and there will be more than enough comparables to go by.
    • LoopyLoops
    • By LoopyLoops 21st Sep 16, 5:25 PM
    • 6 Posts
    • 0 Thanks
    LoopyLoops
    • #4
    • 21st Sep 16, 5:25 PM
    • #4
    • 21st Sep 16, 5:25 PM
    [QUOTE=eddddy;71337727]I assume your home is a house (not a flat).

    Yes, sorry it is a house.
    • MerrilyA
    • By MerrilyA 22nd Sep 16, 8:39 AM
    • 70 Posts
    • 24 Thanks
    MerrilyA
    • #5
    • 22nd Sep 16, 8:39 AM
    • #5
    • 22nd Sep 16, 8:39 AM
    If the price of the freehold is not favourable, there may be room to negotiate. You could sell through an agent and market to appeal to investors who don't mind short leases. You could also sell at auction there are fees but there is an option to get the buyer to pay if you can't, I believe (the auction houses can confirm).
Welcome to our new Forum!

Our aim's to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

242Posts Today

1,557Users online

Martin's Twitter