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Been Offered Freehold but Rent only £1.60 pa
Comments
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You do not need a solicitor - its a waste of money. Do some research on the internet. Enfranchisement is a good word to put in google0
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They are unlikely to sell you the Freehold for diddly-squat - where they make their money is generally on charging the leaseholder who wants to extend their property at some point. It's unlikely that your plans to let the property would be affected by the terms of the ground lease. You should however always get proper qualified legal advice on the proposed purchase of any freehold.
For those who say that they would never buy a leasehold, it's worth bearing in mind that whole chunks of some cities have street after street of leasehold Victorian terraced properties with these 999 leases & their "peppercorn" ground rents -for example,IIRC the Duke of Norfolk's Estate had great swathes of some northern cities & parts of London.0 -
Freehold probably isn't worth what is being asked for it. However the issue is more about future saleability. As has already been illustrated on this thread - some people don't like leaseholds, so regardless of whether that dislike is completely logical, it still has to be taken into account and can make a property more attractive for sale in the future.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Offer half what they are asking for the leasehold and see what they say!0
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