Is owning a leasehold property still like having your own home?

JennyW_2

We're hoping to move into a leasehold flat which is currently owned by my father-in-law. It's a detached house converted into 2 flats. They will live above. There will be no ground/maintenance charges as any work will be done jointly by my husband and my father-in-law.

However as I've always lived in a freehold property, will moving to this flat sill feel like "home" and "your own" when living in a leasehold property? :huh:

Also they cant give notice (as if you were renting) to get out can they if they decide to sell their flat?

NastyMatt

My current flat is leasehold and it IS mine!! Just check the lease to see where you "could" have the property taken back.

I had an issue with some maintanence on our flats a few years ago and when I spoke to the managing agent they got all serious on me in seconds.. quoting how they could take the lease back in seconds...

At that point it did feel like they could snatch MY property... but the whole point is it is mine to snatch.

Remember one day you might want to sell your property so your lease should be appealing to others too. Ok your husband and father in law may do the work now but what happens if smoe one wants to buy it that has no wish to muck in?

JennyW_2

NastyMatt wrote:

My current flat is leasehold and it IS mine!! Just check the lease to see where you "could" have the property taken back.

do you mean the remaining term? If so it's 996 years.

Remember one day you might want to sell your property so your lease should be appealing to others too. Ok your husband and father in law may do the work now but what happens if smoe one wants to buy it that has no wish to muck in?

What do you suggest then? I'd assume that any charges would then be incorporated into the lease for any new purchasers of the flat?

Murtle

There doesn't need to be a maintenance charge, but there should be a maintenance agreement in place. Honestly, this will solve any issues later over who is responsible for what and any timescales around it.

I guess the questions that need to be thought of are;
who owns the freehold (I'm assuming Father inlaw?) if not though, who?!
What maintenance are you going to do together? who will pay for the bits and pieces for the communal areas ie garden or front door? or how will it be split? if you break the door, do you replace it or do you share the cost?
what happens if you want to sell, will Father-in law still provide all maintenance for free?
what happens if they want to sell? do you get first option on the freehold? or will you suddenly have a new owner for the freehold who will be able to set charges as they want?
An agreement that if you sell your flat, that the maintenance agreement will be changed.
In answer to your actual question though, does it feel like owning your own place? usually Yes, but sometimes not, like when they cut the grass outside my window at stupid o'clock at the weekend!!!

Do you want to live that close to your in-laws ??!!

Good luck

x x

cattie

It's probably wise to have the lease state that maintenance & repair of the fabric & communal parts of the property be shared 50/50. It's important for a lease to set out the terms of ground rent & maintenance charges.

You need something that will work for you, but also be acceptable to a prospective purchaser should the time come for either flats to be sold.

These people may be able to give you advice on how to get a satisfactory lease drawn up. http://www.lease-advice.org/newintro.htm

JennyW_2

Many thanks for your thoughts. I've printed them off and as luck would have it, my father-in-law has an appointment with his solicitor about the flat so I will ask him to address these.

Do you want to live that close to your in-laws ??!!

they're not that bad

EdInvestor

Will you be buying this flat?

JennyW_2

EdInvestor wrote:

Will you be buying this flat?

yes we will, why?

EdInvestor

Because your own solicitor should be checking all the points you mention and should be the one to explain all the issues to you.There are many matters that need to be checked with a leasehold flat, it's not the same as buying a freehold house AT ALL.

You do have your own solicitor, I assume?


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