How much to buy the land on my Leasehold property?

jtownson

Hi Everyone

Does anyone have a rough idea of the going rate to purchase the land on a leasehold property? I have heard a rumour that the land owner is willing to sell so I am going to contact him, just want to know a rough idea before i do!

House is a 2 Bed end terrace with a medium size garden. Its worth about £140,000 and its in Council tax band B which means it was worth £40,000 - £52,000 in 1991.



Thanks

Rinoa

jtownson wrote: »

Hi Everyone

Does anyone have a rough idea of the going rate to purchase the land on a leasehold property? I have heard a rumour that the land owner is willing to sell so I am going to contact him, just want to know a rough idea before i do!

House is a 2 Bed end terrace with a medium size garden. Its worth about £140,000 and its in Council tax band B which means it was worth £40,000 - £52,000 in 1991.



Thanks

If you can say how long the lease has to run and what ground rent you are paying, someone may be able to help.

If you have owned the property for 2 years, you are usually entitled to buy it even if the freeholder doesn't want to sell.

jtownson

Sorry i missed that information out!

I am 5 years into a 250 year lease. Ground rent is £200 a year

Thanks

Fire_Fox

http://www.lease-advice.org/publications/

jtownson

Thanks for the link firefox but I have been on there and struggling to understand it....just wondering what other people may have paid in similar situations or if someone is knowledgeable enough to work it out.

If the landowner gives me i price, I just want to know if it is fair or not. Thanks

Rinoa

jtownson wrote: »

Thanks for the link firefox but I have been on there and struggling to understand it....just wondering what other people may have paid in similar situations or if someone is knowledgeable enough to work it out.

If the landowner gives me i price, I just want to know if it is fair or not. Thanks

This is only very approximate, but at £200 per year ground rent I would guess at somewhere around £7000.

Depending on the freeholder you may have to enquire using statutory forms ~ which invariably means using a solicitor.