buying the freehold, over 6k fair?

baron777red

i have enquired about the price to buy the freehold on our house and they managment compnay have quoted me £5995 + solicitor fees, is this fair

the property is subject to a yearly ground rent of £75.00, it was built in 1995, so there is approx 86 years left on the lease. postocde is DY5.

i used to work for a property managmenet company in manchester and we used to charge 25 Years purchase price, to buy a freehold, admittedly this was over 10 years ago, but i cant believe prices have gone up so much.

i was expecting to pay about £2,000 max, but its 3 times this amount, is this right?

ormus

there are no set rules on valueing a freehold purchase. its up to you and the freeholder to decide on a price.
make them an offer???
if you refuse to pay their asking price, you have to wait 12 months before you can ask again.

cattie

I believe there is in fact a formulae used to work out the price of buying the freehold on a leasehold property. I know it is so on properties with a lease of less than 80yrs as these are more costly than with a lease of over 80yrs.

A valuer is usually sent out to determine the value & you have to pay the cost of the valuation & the freeholder's legal fees.

Contact these people as they are the best point of contact for all issues relating to owning leasehold property, including lease extensions & purchasing the freehold. It's a government funded agency. https://www.lease-advice.org

ormus

there is no formula or set of rules.

ive just seen a very large house in dorset. its now 5 x flats. the freehold title only for sale.
300 quid GR per flat per annum. all flats sold on long lease. 99yrs.
the sale price is 24k.