Cost of buying freehold on a leasehold house, 83 years unexpired

JMD1973

I'm looking at purchasing a house which has a long leasehold of 83 years unexpired. Although I wont haved owned the property for the statutory 2 years I was considering making an offer to the freeholder to purchase the freehold as soon as the sale is complete and also using this as a factor in the purchase price. The property is worth £150k and the ground rent is £35 per annum, I can find plenty of formulas to work out extending a lease but nothing on purchasing the freehold. Any suggestions on an amount to offer? Oh yeah and the bad news is the agent is Simarc!

Thanks in advance


JMD

Richard_Webster

I would get the seller to organise the freehold purchase.

I wouldn't buy a house with that short a lease anyway.

Some managing agents can be difficult to deal with and you will have to decide whether that issue is one of importance to you.

JMD1973

The seller is a builder so its unlikely they will do that for me. The property is in the north east of england and most leases are only granted for 99 years. I thought it would be ok cos the reaming term was more than 80 years.

JMD

Richard_Webster

I've PM'd you.