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leasehold house
Comments
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the only thing I have found is that the owners need to pay about £500 per year for service charges. That adds £5k to the price of the house over 10 years. Would that not put people off? Around here leasehold houses appear to be very rare (south east england).
That amount could put people off.
What services do you get for the £500?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 -
It might not be as rare as you think in the South East. Apparently a lot of property in Winchester is on a 999 leasehold to Oxford and Cambridge unis. However, the ground rent is usually almost nothing.
I think £500pa would put me off a bit. How much would it cost to buy the freehold.0 -
aqueoushumour01 wrote: »the only thing I have found is that the owners need to pay about £500 per year for service charges. That adds £5k to the price of the house over 10 years. Would that not put people off? Around here leasehold houses appear to be very rare (south east england).
It would put me off definately. I'm in Cambridge and there's a lot of leasehold in the centre of town as the uni owns most things.0 -
Richard_Webster wrote: »That amount could put people off.
What services do you get for the £500?
the whole block is owned by the same company. within the block are mostly flats but there are also some houses. the charge covers the upkeep of the grounds within the block (so the grass really it seems) plus any issues with drainage and electricity in communual areas. Just seems a bit irrelevant to the house as the only communual bit would be the grass as I see it plus possibly the drainage.
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It might not be as rare as you think in the South East. Apparently a lot of property in Winchester is on a 999 leasehold to Oxford and Cambridge unis. However, the ground rent is usually almost nothing.
I think £500pa would put me off a bit. How much would it cost to buy the freehold.
the management company have said that the freeholder has said that it would not sell the freehold so, presumably, I would have to go through the process I have read about to force them to sell it to me. sounds a lot of hassle to me.0 -
The service charges also provide for terrorism insurance, building insurance and auditors / H&S costs, the majority of what you pay for you won't see, but you will still benefit from.
Enquire as to the cost, compare that with the service charge projected costs (assuming it won't vary too much, budget to budget) and see which is the cheapest option. How much is the ground rent you pay to the freeholder?Trainee 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
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