Been Offered Freehold but Rent only £1.60 pa

macgirl

I've had my leasehold house for about 8 years paying £1.63 ground rent per annum.
Every year I'm offered the Freehold which is currently £620 (which includes £40 Land Registry Fee and their "admin" charges). It's less than last years offer which was 700 quid - so I wonder if it's worth trying to barter...

I'm considering renting out the property in about a year's time, so don't whether I should look to buying it or not?

Incidently, all my neighbours are leasehold as far as I'm aware (after checking on houseprices.co.uk!) and many of them have rented out their houses...

Any comments / advice would be great!
Thanks

loki13

If you are thinking of all at selling, then I would buy the freehold. I'm buying at the moment, and wouldn't look at leasehold properties.

socrates

Has the lease got less than 80 years to go. If it has you may have more to pay than this.

Try LandLordzone.com for a more concise answer than this one - couple of experts there - no disrespect to anyone here

socrates

loki13 wrote: »

If you are thinking of all at selling, then I would buy the freehold. I'm buying at the moment, and wouldn't look at leasehold properties.

Are you buying flats or houses?

Flats with a lease above 80 years left on them are a perfectly good buy

macgirl

It's a house with 992 years left on the lease!

I was concerned about buying a leasehold when I bought it, but was assured that nearly all properties are leasehold in my area (owned by some Duke or other apparantly.)

My next door neighbours moved a few years ago, but had owned theirs for decades and still paid the same rent....

So my only concern is renting it and coming across problems. I'm only offered the Freehold once a year when I get the reminder for the rent, so don't want to have to approach them about buying it before I get the next letter.

Can I let a Leasehold without telling the Landlord?

socrates

It will be in the lease if you are not allowed to let the property out.

With such a long lease I would not bother to do anything, incidentally you can buy the f/h anytime you like.

Just pay a couple of quid a year!

macgirl

socrates wrote: »

It will be in the lease if you are not allowed to let the property out.

With such a long lease I would not bother to do anything, incidentally you can buy the f/h anytime you like.

Just pay a couple of quid a year!

Thanks Socrates! That's why I didn't buy it before.
Just don' want them hiking the price if I decide to buy at another time than the "Limited Offer".

I'll hang on a bit - thanks for all the advice!
Macgirl

debtfreein2009

I bought my freehold on my first house and it turned out to be a reasonable amount. My solicitor friend did advise that there is some protection in being over charged. I can't remember the details or how it works, but there is a 'body' over-seeing the purchase of the freehold which you can appeal to if the cost seems to high. Not sure if anyone else can shed any light, but thought this might be use.

Robert_Sterling_3

It is hardly worth their while to write and ask you to pay the £1.73 every year.
I would offer to pay them about £20 for the freehold.

macgirl

debtfreein2009 wrote: »

I bought my freehold on my first house and it turned out to be a reasonable amount. My solicitor friend did advise that there is some protection in being over charged. I can't remember the details or how it works, but there is a 'body' over-seeing the purchase of the freehold which you can appeal to if the cost seems to high. Not sure if anyone else can shed any light, but thought this might be use.

Thanks, I'll look into that. They advise to appoint a Solicitor, but it's not a necessity (and would probably make it too expensive for me anyway).....

macgirl

Robert_Sterling wrote: »

It is hardly worth their while to write and ask you to pay the £1.73 every year.
I would offer to pay them about £20 for the freehold.

Yes I was thinking of making them an offer! I'll do that then perhaps appoint a Solicitor for peace of mind