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
    • alex_163163
    • By alex_163163 6th Feb 17, 9:36 PM
    • 205Posts
    • 133Thanks
    alex_163163
    Buying the freehold of a new build Persimmon house?
    • #1
    • 6th Feb 17, 9:36 PM
    Buying the freehold of a new build Persimmon house? 6th Feb 17 at 9:36 PM
    Just looking for some first hand experiences from any forum users.....

    Myself and my boyfriend are in the process of buying a new build house from Persimmon.
    It is a leasehold property, and we have been aware of this from the outset. However there has been a lot in the media recently about the con of new houses being leasehold, which I fully agree with to be honest. I understand it is basically a cash cow for the developers to make more money.
    Having said that we love the house, love the location, and don't like anything else as much that is in the area or price band we can afford. We are prepared to have to pay for the freehold in the future, at a fair price.
    Now we have done our research into the possibility of buying the freehold in the future, so I know after 2 years of owning a lease on a house you have the legal right to serve the freeholder with notice and buy the freehold forcibly (obviously incurring legal and surveying fees from both parties).
    I also have heard that some developers offer you the freehold after a couple of years, but I also know that for a house, the developer doesn't have to give the leaseholder first refusal on it, and can sell it to 3rd party company.

    I guess what I am wanting is to hear back from anybody who has bought a Persimmon leasehold new build, and their experience of being offered/ buying the freehold further down the line.
    What price did they offer it to you at? Did you negotiate on this? What legal/ other fees did you incur?
    Has Persimmon sold the freehold to a 3rd party company without your nowledge/ without offering it to you first?
    I have heard a lot of negatives about Taylor wimpey, and redrow, and bellway, but nothing on Persimmon so just wanting to hear anyone else experiences with them please?
Page 3
    • getmore4less
    • By getmore4less 18th May 17, 9:07 AM
    • 30,290 Posts
    • 18,113 Thanks
    getmore4less
    Mortgage lenders could knock this on the head immediately

    They are taking the risk of an unsalable(at the valuation) property if people shy away from them.

    setting lending levels on the potential for reduced liquidity would see many people unable to buy and the developers would have no choice but to make the sale terms better.
    • zzzzbe
    • By zzzzbe 22nd May 17, 9:48 AM
    • 1 Posts
    • 0 Thanks
    zzzzbe
    Keep me updated on this one! Im in the same boat at the moment, i'm going to put it to Persimmon tomorrow and ask them to put it in the contracts that we get first refusal of the freehold!
    Originally posted by Lockylocky10
    Did this work :Lockylocky10
    • Redman2988
    • By Redman2988 26th May 17, 8:11 PM
    • 1 Posts
    • 0 Thanks
    Redman2988
    I am going through the same process at the moment.

    Leasehold House - 999 years - £150 Ground Rent for first ten years and £151.33 current Service Charge.

    I can't remember the provisions for ground rent and service charge but it doesn't appear too onerous. Although there are some provisions saying we can't alter it without paying a fee etc

    However solicitor has raised the enquiry asking for the freehold to be included as we were told by the sales lady onsite that there was a right to buy the freehold in the lease. They'll say 'No'. The solicitor will ask why and they'll come up with a random 'commercial'nreason as to why it can't be done now.

    I am tempted to let it get to exchange day and then try the usual gazumping tactic to get the freehold but doubt it will work.
    • nikkih72
    • By nikkih72 6th Jul 17, 7:02 AM
    • 64 Posts
    • 16 Thanks
    nikkih72
    Any updates on this thread ? we were due to go view persimmons houses today, but after reading about these leaseholds, i don't wanna go and fall in love and fall into the trap
    • debtisnotme
    • By debtisnotme 3rd Aug 17, 8:57 PM
    • 103 Posts
    • 78 Thanks
    debtisnotme
    Any updates on this thread ? we were due to go view persimmons houses today, but after reading about these leaseholds, i don't wanna go and fall in love and fall into the trap
    Originally posted by nikkih72
    Are you sure that the houses you are looking at are not freehold? They are not all leasehold, my sister is buying a freehold house from Persimmon in Exeter.
    Debt on 25/5/17
    Mortgage £61,999 £59,335
    Secured loan approximately £20,000 £19,353
    Unsecured debt in DMP with Stepchange £38,887 £37,763
    • bryanwildman
    • By bryanwildman 8th Aug 17, 3:57 PM
    • 1 Posts
    • 0 Thanks
    bryanwildman
    National Leasehold Campaign
    Join this fb group National Leasehold Campaign to read about the National Leasehold / Fleecehold Scams which include many building companies including Persimmon who are still in denial.
    • nikkih72
    • By nikkih72 8th Aug 17, 4:00 PM
    • 64 Posts
    • 16 Thanks
    nikkih72
    Are you sure that the houses you are looking at are not freehold? They are not all leasehold, my sister is buying a freehold house from Persimmon in Exeter.
    Originally posted by debtisnotme
    We have now purchased a freehold from Persimmons, am really happy with everything as is it is progressing, some of the covenants have been corrected and have it all in writing, mortgage approved and now waiting for exchange of contracts, should be within 3 weeks
    • keveen
    • By keveen 9th Aug 17, 10:41 PM
    • 115 Posts
    • 65 Thanks
    keveen
    Leaseholds
    Good on you. the right decision. Leaseholds are toxic assets. What they don't tell you is that you may think you bought a house under leasehold but you didn't, you are a tenant and you might as well pay rent!
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
    • Touchstone7
    • By Touchstone7 12th Aug 17, 10:58 AM
    • 3 Posts
    • 0 Thanks
    Touchstone7
    I've lived in 6 countries and worked in the property industry for decades. Only in England is this con able to exist. I worked in US property for several years. The Berry concept of leasehold a private house is laughable.

    Please tell me why you think it is beneficial or acceptable to introduce leasehold to private homes in this day and age. What possible benefit do they afford the purchaser?The one and only reason for the introduction of leasehold is to line the pockets of the developers after they sell the lease on to companies that buy them. These companies are seeking a long term and escalating income stream that offers zero benefit to the house purchaser. Only in Treasure Island, aka England, would this be allowed to happen. It is truly an indictment of the type of country we have become that anyone is allowed to get away with it.
    • Touchstone7
    • By Touchstone7 12th Aug 17, 11:00 AM
    • 3 Posts
    • 0 Thanks
    Touchstone7
    I've lived in 6 countries and worked in the property industry for decades. Only in England is this con able to exist. I worked in US property for several years. The very concept of leasehold a private house is laughable.

    Please tell me why you think it is beneficial or acceptable to introduce leasehold to private homes in this day and age. What possible benefit do they afford the purchaser?The one and only reason for the introduction of leasehold is to line the pockets of the developers after they sell the lease on to companies that buy them. These companies are seeking a long term and escalating income stream that offers zero benefit to the house purchaser. Only in Treasure Island, aka England, would this be allowed to happen. It is truly an indictment of the type of country we have become that anyone is allowed to get away with it.
    • Touchstone7
    • By Touchstone7 12th Aug 17, 11:05 AM
    • 3 Posts
    • 0 Thanks
    Touchstone7
    Begs the question why they can do that in some locations but not others.
Welcome to our new Forum!

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

Forum Team Contact us

Live Stats

3,353Posts Today

9,274Users online

Martin's Twitter