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Leadehold question + EA Question

Good morning everyone, - 2 part Q here.

I'm a bit of a newb when it comes to house buying in terms of LH or FH.

A new property I'm looking at is LH with 723 years remaining. What implications does this have for me? Does anyone know? The EA didn't know what the annual charge was and I didn't know what she was talking about LOL. Sorry for sounding like a complete newb. A guy at work says his is £1.20 a year - is this the kind of thing I should expect? What does it do to mortgages and insurance?

Recently I'd secured a mortgage (valid for 3 months according to Halifax) and was buying a house. I thought I'd had my bid accepted but the vendors told me (a month later) that they were selling to someone else - this was when my valuer was going in. I actually knew the vendors so went round to find what the hell was happening. They said the EA told them I'd offered an amount (1k less than they wanted - 3k less than the AP). Someone offered the extra 1k 3 months later and they're now completing. IT's clear the EA accepted my offer but didn't get permission of the sellers. I'm guessing there's not much I can do other than have a good rant. What do you suggest?

Thanks
:j
I am firmly across the line. I won't impose my values on you if you keep away from mine.
Updated 14/10/14 :A

Comments

  • sooz
    sooz Posts: 4,560 Forumite
    No one can tell you what the charges are without looking at your lease.
    What your colleague pays is probably a peppercorn ground rent. He's failed to mention other charges such as communal insurance & maintenance.

    Look at www.lease-advice.org for more information, or speak to your solicitor. There should also be more information about the property you are looking at in the HIP
  • AngelsMadv
    AngelsMadv Posts: 2,668 Forumite
    sooz wrote: »
    No one can tell you what the charges are without looking at your lease.
    What your colleague pays is probably a peppercorn ground rent. He's failed to mention other charges such as communal insurance & maintenance.

    Look at www.lease-advice.org for more information, or speak to your solicitor. There should also be more information about the property you are looking at in the HIP

    Thanks very much for your timely reply. I didn't really know what to expect with a LH. I'll look at your link now.

    With regards to the HIP, the EA is waiting on its completion, hence why she couldn't tell me :(.
    I am firmly across the line. I won't impose my values on you if you keep away from mine.
    Updated 14/10/14 :A
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