Buying the freehold

slim75

Hi guys,

I'm thinking of purchasing the freehold of my house, i've done a bit of research on the web but can't work out how some of the valuations on other peoples cases have been worked out.

My house is currently worth £250000 and has 979 years left on the lease (i realise that it is a long lease but would still like to own it lock, stock) and the ground rent is £50.00 per year. Would any of you fine legal bods be able to give me a rough worse case/best case scenario of what i'd have to pay and if possible a 'dummies' guide to explaining how it's all worked out.

Thanks for any help.

Craig

slim75

Quick bump for the day shift

Cheers

Craig

sonastin

No idea on the legalities or how the values are calculated. I had a 999 year lease which started in 1998. Ground rent was £50 p.a. House value was around the £100k mark (bought in 2002 for £70k, sold last year for £115k). Purchased freehold in c.2004 for £1350. My reasoning was twofold:
1) wanted to own lock stock etc like you
2) my parents ground rent was £4 p.a. They had been offered their freehold for c.£1500. 27 years payback in comparison to 375 years seemed like a pretty good deal.

No idea whether it was financially worth doing or not but I did get a warm glow from owning the entire property.

slim75

sonastin wrote: »

No idea on the legalities or how the values are calculated. I had a 999 year lease which started in 1998. Ground rent was £50 p.a. House value was around the £100k mark (bought in 2002 for £70k, sold last year for £115k). Purchased freehold in c.2004 for £1350. My reasoning was twofold:
1) wanted to own lock stock etc like you
2) my parents ground rent was £4 p.a. They had been offered their freehold for c.£1500. 27 years payback in comparison to 375 years seemed like a pretty good deal.

No idea whether it was financially worth doing or not but I did get a warm glow from owning the entire property.

Thanks for replying, that's exactly how i'm going to feel when i get it bought (providing the freeholder doesn't want silly money that it )

propertyman

slim75 wrote: »

Thanks for replying, that's exactly how i'm going to feel when i get it bought (providing the freeholder doesn't want silly money that it )

You will find advice (free) on purchasing the freehold here

http://www.lease-advice.org/information/faqs/faq.asp?item=117

cramg

Our property was valued last week at 200K, its only a 3 bed detached - we applied for the freehold purchase price and they came back with a figure of £9100!
Im going to call them this week and offer £2500 and see where the haggling gets me.