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Buying freehold on house with extra land?
shooby1
Posts: 120 Forumite
hello all hope someone can offer some advice 
We own an an old end terraced property in the north west and have lived here 16 years, the only access to the rear of our property is via a very narrow alley at the opposite end of the terrace (just fit car through) access is over land that is also owned by the lady who has the freehold to all the property's.
We have approached her about buying the freehold on the house and also the strip of land that runs in line with our garden, nobody else needs any access to this land as we are at the very end of terrace, we have allways maintained this land to run our car onto.
There is still 893 years left to run on our lease for house and there would never be a possibility of this land being used for anything else as it is sandwiched in by council land.
What would you consider a fair price? i realise we would need an official valuation but i would rather get an approx price before paying out for that as money is tight and depending on value we may not be able to afford it anyway
thanks
We own an an old end terraced property in the north west and have lived here 16 years, the only access to the rear of our property is via a very narrow alley at the opposite end of the terrace (just fit car through) access is over land that is also owned by the lady who has the freehold to all the property's.
We have approached her about buying the freehold on the house and also the strip of land that runs in line with our garden, nobody else needs any access to this land as we are at the very end of terrace, we have allways maintained this land to run our car onto.
There is still 893 years left to run on our lease for house and there would never be a possibility of this land being used for anything else as it is sandwiched in by council land.
What would you consider a fair price? i realise we would need an official valuation but i would rather get an approx price before paying out for that as money is tight and depending on value we may not be able to afford it anyway
thanks
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Comments
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Sorry forgot to put size of land
it's approx 15 ft wide by 24 ft long 0 -
How much do you pay for the lease?0
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What I would consider to be a fair price would change depending on whether I was the buyer or the seller...
If money is tight, what is the benefit you think you would get from doing this ?
If the whole row is leasehold, I'm not sure being the "odd one out" gains you very much. Especially with such a long lease.
As for the strip of land, what if someone/everyone in the terrace bought the freehold of their strip, and then decided you are not allowed access ?Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
CloudCuckooLand wrote: »What I would consider to be a fair price would change depending on whether I was the buyer or the seller...
If money is tight, what is the benefit you think you would get from doing this ?
If the whole row is leasehold, I'm not sure being the "odd one out" gains you very much. Especially with such a long lease.
As for the strip of land, what if someone/everyone in the terrace bought the freehold of their strip, and then decided you are not allowed access ?
they wouldn't be allowed to buy it because the council has garages on land further on and access must be maintained, we allready rent land of them for a garage so this land we want is in a strip between the two0 -
the lease on our house is £5 per year and to buy the freehold is £100
IMO, might as well buy it - are there any strange clauses in the lease? First house I bought was a leasehold, originally to the council but they sold the whole street to a management company who then started asking questions about building insurance (as it was mentioned in the conditions of the lease) - that was something like £1.50 a year.0 -
IMO, might as well buy it - are there any strange clauses in the lease? First house I bought was a leasehold, originally to the council but they sold the whole street to a management company who then started asking questions about building insurance (as it was mentioned in the conditions of the lease) - that was something like £1.50 a year.
we have decided to buy the lease anyway as it will be better if ever we come to sell house even though the lease will far outlive the house, but the main thing is this piece of land attached if we could get that added on it would be fantastic as we rent the land off the council at the bottom this is just a strip that seperates the two0 -
we have decided to buy the lease anyway as it will be better if ever we come to sell house even though the lease will far outlive the house, but the main thing is this piece of land attached if we could get that added on it would be fantastic as we rent the land off the council at the bottom this is just a strip that seperates the two
I suppose it depends how amenable the owner is, IMO the land isn't big enough to do anything else with and it's only really of any benefit to you so if she's a nice person she might be willing to do a deal.
An EA might give you a rough idea about how much the land is worth.
Does anyone else need access to the land too? Have you thought about possibly extending your house onto it or would that not be of any benefit to you? (current owner might consider this an option for you and therefore the value of the land would be higher).0
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