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Need help/advice with leasing a property.
pcyam
Posts: 651 Forumite
Hi All
I'm not too sure whether its this section or not, if not apologise.
If someone is leasing a property I am aware there is a lump sum at the start and a regular rent which needs to be paid for a set term. After the term eg 25 years and if there was to be a new lease to be put into place with the same lease holders, then would there be an additional lump sum premium to be paid, I have spoke to a number of people and some say yes but then some say no???
TIA
I'm not too sure whether its this section or not, if not apologise.
If someone is leasing a property I am aware there is a lump sum at the start and a regular rent which needs to be paid for a set term. After the term eg 25 years and if there was to be a new lease to be put into place with the same lease holders, then would there be an additional lump sum premium to be paid, I have spoke to a number of people and some say yes but then some say no???
TIA
0
Comments
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Someone holds the freehold of a property.
They sell a lease on the property.
The lease may last for 99 years.
A member of my family has a lease that lasts for 999 years.
IF you wish to buy the lease for a property you normally get a mortgage.
If you own the lease then you do not pay rent on the lease you make monthly mortgage repayments.
The person who holds the freehold will charge you "Ground Rent"
The ground rent for a flat might be £100 per annum.
There may be other fees related to the property.
People who have a lease may be able to buy the freehold from the existing freeholder at a laterdate...0
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