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buying your freehold title
merl1955
Posts: 28 Forumite
We have been given the opportunity to buy the leasehold of our property
The management company who collect the annual rent of £8.00 wants to charge £1500 plus £250 solicitors fees plus our own solicitors fees. The leasehold on the property is for 999years We found that our garden is freehold but the property isn't.
We think this is a pretty hefty fee and wonder what benefits we will get that we aren't able to have at present.
What are the benefits in getting the leasehold and would it be cost effective
Would appreciate some help we have been told by the management company we only have till end of Oct to make our minds up
The management company who collect the annual rent of £8.00 wants to charge £1500 plus £250 solicitors fees plus our own solicitors fees. The leasehold on the property is for 999years We found that our garden is freehold but the property isn't.
We think this is a pretty hefty fee and wonder what benefits we will get that we aren't able to have at present.
What are the benefits in getting the leasehold and would it be cost effective
Would appreciate some help we have been told by the management company we only have till end of Oct to make our minds up
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Comments
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Is it a house or a flat?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.0 -
yes sorry its the freehold is there a difference?0
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its a house0
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Stick with the leasehold. Over the next 100 years it's going to cost £800 much cheaper than £1750 and I'm sure you would have moved on by then. And the property's lease will still have 899 years left to run.:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
Dear Merl1955
I agree with Happy MJ, you personally won't be reaping the benefits unless, of course, your lease is due to expire before you plan to move
Kind Regards
DTrainee property solicitor from November 2008 - I do not accept any liability for the information I provide. This is provided on an 'information' only basis and you are encouraged to seek your own, independant legal advice.
Currently Employed by a UK Managing Agent0 -
always better to own a freehold, that's why I never recomemnd anyone ever to buy a lease (why long-term borrow someone else's property and pay them.
so, sounds cheap enought to me.
the closer migt be that you save ground rent, fine, but also is there anything in your lease you cannot do that buying the freehold (so gettign rid of the landlord) would remove?
good luck either wayMy posts are just my opinions and are not offered as legal advice - though I consider them darn fine opinions none the less.:cool2:
My bad spelling...well I rush type these opinions on my own time, so sorry, but they are free.:o0 -
Has the house been extended or altered? If the freeholder wants £1200 for the freehold they will probably charge some extortionate fee for giving retrospective consent for any alterations when you want to sell (assuming there is a clause about this in the lease) so it may be worth it to get them out of your hair.
Also, depending on how prevalent leasehold houses are in your area the fact that it is leasehold may put off a proportion of potential buyers so could be worth roughly the cost in the eventual selling price because you might not have the same level of interest in the house.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.0
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