What is the head lease?

chrisgeller

Currently living in a block of flats with 118 years left on the leasehold. There's been some interest amongst the residents of the block to buy the freehold. The freeholder has offered us the 'head lease' apparently for 999years, for about £1000 per flat (yet to be confirmed).

Apparently this is a good deal. I can see that this would probably increase the value of each property by more than £1000 purely in terms of increasing the remaining years from 118 to 999.

Does the headlease offer any other benefits than this? I've hunted around the internet (Google, MSE, lease-advice.org) to try to get a legal definition. Is there one?

I wondered the group of flats should consolidate efforts on getting the freehold. Can anyone point me in the direction of a good resource?

Hawkings_Boots

The head lease is basically the lease from which all your leases were granted.

I can't see how buying this would benefit you as certain things like building works etc would still require freeholder consent.

I'd be pushing to buy the freehold then setting up your own management company of some sort

tidyfinance

Hi everyone,
we have been quoted around £8,000 to increase the Leasehold on our rented flat from 58 yrs to 120 yrs (wife knows the correct figures). This seems a joke to me but a necessary one, as some lenders are refusing mortgages below 60 yrs.
Apparently, new legislation is out where we have to pay London prices??? This flat is in the midlands and valued at £95K, 2 bedder.
We had put the flat on the market, but have decided to keep it rented while we increase the leasehold.
Any thoughts please.