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Should we buy a freehold?
duggo1
Posts: 175 Forumite
We live in a house, with ground rent of £126 a year. We have been offered the freehold for £3700. Sounds a lot, but I've heard it can make it easier to sell. It would also mean I don't have to pay them to give me permission for a woodburning stove!
Has anyone bought a freehold? Would we need to employ a solicitor, bearing in mind it's a house not a flat? And if we did need a solicitor any idea how much it would cost?
Has anyone bought a freehold? Would we need to employ a solicitor, bearing in mind it's a house not a flat? And if we did need a solicitor any idea how much it would cost?
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Comments
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You will find advice here on valuation and the process-expect fees in the range of £1500. Dont forget to extinguish the lease after you purchase the freehold.
http://www.lease-advice.org/publications/documents/document.asp?item=15Stop! Think. Read the small print. Trust nothing and assume that it is your responsibility. That way it rarely goes wrong.
Actively hunting down the person who invented the imaginary tenure, "share freehold"; if you can show me one I will produce my daughter's unicorn0 -
Ouch - those fees sound steep0
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Ouch - those fees sound steep
You are not buying a bag of chips
You are buying the freehold and incurring costs of conveyancing and disbursements, as well as getting your own valuation, and most likely dealing with your mortgagee and their legal dept. Oh and VAT..
If you accept the price you have no mortgage and take it as is risks and all it is feasible to sign the contract and file the paper work at HMLR yourself.Stop! Think. Read the small print. Trust nothing and assume that it is your responsibility. That way it rarely goes wrong.
Actively hunting down the person who invented the imaginary tenure, "share freehold"; if you can show me one I will produce my daughter's unicorn0 -
If it makes any difference the letter says the fee includes the £40 land registry fee. It also says "you may wish to employ your own solicitor. If you do not wish to employ your own solicitor tick box". Which implies we may not need one. We are happy to pay the fee quoted, so what would the solicitor do?0
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We have paid off our mortgage0
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Well its as said its simple matter of filing the paperwork.
Going alone mean that you are accepting the price as is and hoping that the freehold title is good. Moreover they are not going to help you when you have a lease and a freehold title and want to resolve that.
you might find that the freehold title does not align with the lease in terms of footprint and you therefore still need your lease retain rights over your say shared driveway or that your garden runs over nextdoors freehold title, but HMLR want to merge the FH and LH titles as a condition of registration.Stop! Think. Read the small print. Trust nothing and assume that it is your responsibility. That way it rarely goes wrong.
Actively hunting down the person who invented the imaginary tenure, "share freehold"; if you can show me one I will produce my daughter's unicorn0
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