Wanting to buy House freehold

Dcannonball

Hey All,

Just hoping some of you can help me. After buying my house Nov06 I have now qualified for buying the freehold. I have just received a letter from the owners solicitor stating they are willing to accept £8500 together with legal costs and valuer charges.

I know that the property developer sold the freehold at the time of selling the house to me and the price of the house was £105,000 at the time. But having the house valued recently it has been valued at £80,000-90,000. So in my mind the £8500 is much more than it should be even if the house was valued at the higher amount. Currently there is 76 years on the lease and the charges are £150pa for the first 20 years of lease, £250 for the next 20 years, £500 for the next 20 years doubling until the end of lease. So I'm not sure if these charges are the reason they are valuing the freehold so high? Could anyone enlighten me? Thank you

Fire_Fox

Do you mean buying the freehold or extending the long lease? Have you paid for a professional valuation yourself? Everything leasehold here: http://www.lease-advice.org/publications/

Dcannonball

thanks for the link. I'm looking to by the freehold and I have had 3 estate agents valuations on my house giving a current market vauation of 80, 84, and 90k. I haven't paid fora professional valuation but having looked at similar properties in the area those valuations seem right.

Dcannonball

Really could do with some help on this if there is anyone out there!:(

nollag2006

With only 76 years left on the lease, it will make it difficult to sell on or remortgage. £8,500 seems reasonable for the lease, at first glance but I'd speak to a surveyor to get a more accurate value:
http://www.lease-advice.org/information/faqs/faq.asp?item=117

Dcannonball

thanks nollag2006 but the lease was originally only 99 years so not that many years have come off it really? Also should I get a surveyor and then get back to the owners solicitors with their valuation of the freehold or should I keep that info for myself while trying to barter?

Emmzi

everyone here can only guess

pay for a professional valuation

if you don't want to pay for a valuation, pay what they are asking.