Leasehold

mjgreen60

Hi all,

Hope this is the right place to ask this question - my apologies if it is not!

My partner and I have just bought a detached house which is on leasehold. It is a brand new house and so has 999 years left on the lease. We bought the house for £188,500 and pay £150 per year for the lease.

My question is, how do I calculate roughly how much it would cost to purchase the freehold?

Thanks very much in advance.

Matt

SaveMeTheMoney

I presume that it is the same in England Wales as it is here in N Ireland, but basically you would have to find out who the current owner of the freehold is and negotiate with them to buy it out. However, it sounds like the person who sold you your house is the freeholder and as they gave you a leasehold interest and not the freehold, they have obviously decided to keep the freehold and take the benefits of it for themselves.

TEDDYRUKSPIN

Contact them directly. It will cost around £3-£5k to purchase. It will be worth it as it will add value.

cattie

You need to bear in mind that as you've not owned the property for 2yrs the freeholder has no legal obligation to sell you the freehold. You will only have the right to purchase once you've owned the property for 2yrs.

For all the info you need on residential leasehold property go here http://www.lease-advice.org/
You should find a calculator to help you work out the approx price of the buying the freehold somewhere on the site.