lease hold(urgent!)

dihaz

Hi, i desperatly need help regarding lease hold.
We have seen a house that is lease hold and the lease is owned by bryant homes.The house was built 20 years ago and had a 90 year lease.We ideally wanted the vendor to freehold the property as they have been there more than 2 years and we would have to wait before we can do this.
The vendor agreed,saying that they have already got the ball rolling and had been quoted £6000 but was going to appeal as it was too much,but today she has decided that she will not go through with it but will start the process and we can finish it once we buy the house!
Can this happen????
We do not know to much about the leasehold/freehold thing and would be grateful for any opinions on this matter!:beer:
I look forward to your replies!:T

peterg1965

You need to seek legal advice here. Your mortgage lendor will also take a view regards the lenght of lease. It is not the fact that it is leasehold, more the issue that it has only a 70 year lease. The law has changed regarding leasehold property with the right to purchase the freehold, but £6000 seems a little steep, if not greedy, of the freehold owner Byrant Homes. Your solicitor should be able to advise you more.

sham63

I am living in a leashold 'new build' house with 87 years remaining.

I'm currently in the process of buying the freehold - in my case the costs are approx £2200 for the freehold plus £1200 in fees (agent, our solictor, their solicitor). Your £6000 including all the fees is probably about right for a 70 year lease.

I would suggest you get your solicitor to confirm that you will be able to continue with the purchase of the freehold if the vendor instigates the purchase.

Don't forget that all the other houses on the estate will be in a similar situation so even if you don't get the freehold up front you could put the money aside and sort it out later - but I would definately purchase the freehold.

prudryden

I bought my freehold for a £1, but with it came a lot of maintenance obligations. Eeek!!

cattie

Remember that you don't have to wait 2 yrs to apply to buy the freehold or extend the lease, you can do this at any time. The freeholder doesn't have to agree to your request if you have owned the property for less than 2 yrs though. After 2yrs you have the legal right to do this.

As the freeholder is a national house builder it is unlikely that they are going to refuse to sell or extend the lease before the 2yr timeframe kicks in.

These are the people you need for impartial help & advice on leasehold property issues including acquiring the freehold. It's a governement funded advice agency. http://www.lease-advice.org/newintro.htm

They can also advice on the appeal/tribunal scenario if it gets to that stage.

dihaz

Thanks everyone for your help but i cant help but feel a bit scared that what if we cannot buy the freehold and are stuck with an expensive property!
I dont want to turn this property down because of the leasehold !
Am i being silly or am i right to be a bit cautious?

david29dpo

i think you are right to be cautious. time is ticking on and the price of the freehold will be going up. at the end of the day, a leasehold house is just a con, its another way of getting more money in years to come.