buying the freehold

tee_pee_2

My property is leasehold £20 pa I have had a letter from the ground rent people offering to sell the freehold for £1200.

IS it worth buying?
What do I get for being a freeholder?
Is it just a gimmick to get me to part with my money
any advice.

Ian_W

In theory you get the ground below and the sky above when you own the freehold. However, just try charging BA for over-flying rights!!

If it's a very long leasehold, residue of 999 for example, it probably isn't worth £1200 and it's a try on as it must be getting close to being uneconomical to collect it. It is slightly easier when you sell or remortgage if the property is freehold but if it's long then it won't affect the value.

You could make a counter offer to buy it for £200, see where that gets you.

tee_pee_2

i was considering making an offer and being cheekly but wasn't sire if I could. I live in the NW and the co is in London- really horrid not at all helpful, so kinda lost my nerve.

If I did have the freehold would I still be under the same constrictions as a lease hold house ie has to stay open plan?

Ian_W

If the condition is to the benefit of the leaseholder then it wouldn't apply but if it's enforceable by anyone else that it may still apply. The freehold also means you don't need permission to do certain things like extensions.

You'd need legal advice and would probably have to pay for theirs if you bought.

tee_pee_2

i have the felling that the only thing freehold can do for me - is look better on the prospectus if I sell it!