drawbacks of leasehold property?

smacky

cramg wrote: »

Have you asked the vendor if they will agree on freehold upon completion?
If the vendor is playing dumb, then my guess is the leashold has a low number of years left, meaning to purchase the freehold will be high.

Leashold on a house / bungalow is nothing to worry about really depending how many years are left on the lease.

The fewer years that remain on the lease, the higher the purchase price of the freehold.
Our 3 bed detached in leasehold, we purchased it 5 years ago. I enquired only last week about the cost of the freehold and the company told me it would cost £9K to purchase! Ouch...
Obviuosly this can be knocked down as its part of the haggling game, but still, If i was you, make sure it is freehold upon completion.

hi,

can the ex-council flats be bought as freehold ? on completion of leasehold tenure ? or being flat will always stay leasehold

Jeffrey_Shaw

Scully38 wrote: »

I didn't realise that to buy a house I needed to learn algebra!!!

Maybe manners, though?
My post defined V [vendor] and P [purchaser]. Or were you just trying to be clever? You failed!

Jeffrey_Shaw

smacky wrote: »

hi,

can the ex-council flats be bought as freehold ? on completion of leasehold tenure ? or being flat will always stay leasehold

Every flat should be leasehold-owned by its purchaser, whether V [vendor] is the Council or a private party.
BUT leaseholders of a block fully sold-off by lease can use collective rights to enfranchise (= buy the freehold reversion).