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Guys a little help if you please.....leasehold whats the downside

Cat695
Cat695 Posts: 3,647 Forumite
in House buying, renting & selling
I know the difference between leasehold and freehold (to me leasehold means you don't own the property)

The property I'm going to look at has 991 years remaining (so I should be ok with not out living that)

What in your experience is the downside to a lease hold property that you wished you knew about before hand?

Also what other questions should I be asking about the lease other than whats the cost per year/month??

Thanks in advance.
If you find yourself in a fair fight, then you have failed to plan properly


I've only ever been wrong once! and that was when I thought I was wrong but I was right

Comments

  • Richard_Webster
    Richard_Webster Posts: 7,646 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    It makes a lot of difference whether it is a house or a flat. Which is it?
    RICHARD WEBSTER

    As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.
  • Cat695
    Cat695 Posts: 3,647 Forumite
    Richard_Webster wrote: »
    It makes a lot of difference whether it is a house or a flat. Which is it?

    Sorry yes I should have said

    Its a coach house.....no neighbours no garden and not attached to anyone

    I like to think of it as a bungalow on stilts!....out of the 3 parking places underneath 1 is for the owner and the other two are for visitors.
    If you find yourself in a fair fight, then you have failed to plan properly


    I've only ever been wrong once! and that was when I thought I was wrong but I was right
  • ET1976
    ET1976 Posts: 315 Forumite
    If there's nothing shared/communal about the property, can't you buy the freehold?
  • Cat695
    Cat695 Posts: 3,647 Forumite
    ET1976 wrote: »
    If there's nothing shared/communal about the property, can't you buy the freehold?

    Not that I know of only the two visitor parking spaces underneath the property....I will be asking about buying it when I speak to the EA today with 991 years left I'm guessing it should be pretty damn cheap.
    If you find yourself in a fair fight, then you have failed to plan properly


    I've only ever been wrong once! and that was when I thought I was wrong but I was right
  • Richard_Webster
    Richard_Webster Posts: 7,646 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Do not buy the freehold of just your flat - that makes it unmortgageable.

    You could in theory buy the freehold of the parking spaces and your flat but you could then be left with maintenance responsibilities in relation to the parking spaces.
    RICHARD WEBSTER

    As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.
  • ET1976
    ET1976 Posts: 315 Forumite
    Richard_Webster wrote: »
    You could in theory buy the freehold of the parking spaces and your flat.

    That's what I meant - the freehold of the whole property. Thanks for clarifying.
  • motherofstudents
    motherofstudents Posts: 1,358 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    I never can understand this. We have a leasehold house with 999 years left and pay 5.50 pa ground rent. The vast majority of houses in the area are leasehold and nobody ever seems to query it. So from a position of being fairly ignorant all I can say is you probably need to read the lease and if you want to do any work ask for permission first. I am hoping that I will eventually get my head around it !
  • sooz
    sooz Posts: 4,560 Forumite
    Set aside some time to read through some LVT decisions to see what downsides other people have experienced with leasehold properties
    http://www.rpts.gov.uk/decisions/rpts_decisions.htm
  • Cat695
    Cat695 Posts: 3,647 Forumite
    Well I have just got back from the first viewing of the property.....And I like it...a lot!!

    The ground rent is a peppercorn rent = £1 a year

    the service charge per year is £270.

    Does the service charge seem expensive?

    And thanks for your answers so far guys its appreciated.
    If you find yourself in a fair fight, then you have failed to plan properly


    I've only ever been wrong once! and that was when I thought I was wrong but I was right
This discussion has been closed.
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