Freehold, should I buy?

office_2

To cut a long story short, when we came to purchase our property we only found out it was leasehold nearing completion. We were told we could purchase as soon as we exchanged, to my annoyance I found I had to wait 2 years.

For some reason I have it in my head that I need to purchase the freehold, more to ensure that in the future I am helping to retain some value and maybe pass it on to our children.

I am now starting to question whether it is a good idea? We dont have any plans to move but am I right in thinking in the long long term it would be a good investment?

Thanks in advance.

Sonofa

Is it on a house (or have a house on it so to speak), how long has the lease got left on it?

If you are talking about an original term of 999 years with 900 left to run I can't see the point buying myself.

Unless the lease really doesn't have much left on it (30 years) I can't see that it would effect the likely value of your property should you wish to sell it in the next 5-10 years.

Then again, the way some people on here are talking, you may as well buy it, it will probably be worth more than the house in the next 2-3 weeks!:rotfl:

office_2

Sorry, the property is a House and their is about 70 years remaining. As I said we dont envisage selling up anytime soon it was all about the longer term

EdInvestor

You should look into it as the price of extending the lease/buying the freehold starts to be come much higher from the 70 year mark onwards and it becomes more difficult for a buyer to get a mortage when you want to sell.