Leasehold questions...

WallE_2

Hey all! We buying a house that was listed as freehold and we have just found out that it's actually a leasehold (With Shenstone). We haven't had any problems with the mortgage or anything yet but we're just waiting to find out how much it costs to change the name over. So far all we know is its "£40 + VAT minimum". It has 87/88 years left on it and we will be paying £40 a year and the house value is £124,000 (Just in case you need them numbers).

Anyway, does anyone know how much it might cost while I wait for the solicitor to get the actual price?

Also, without calling Shenstone, does anyone have a rough idea of how much it would cost to buy the freehold?

And finally, would it be cheaper to buy the freehold with many years left or fewer? Or does it not matter?

Thanks all in advance

mlz1413

I'm not able to answer your questions but before you buy a leasehold ensure how repairs are paid for, how much ground rent and services charges per month are too.

alba7

My house was also leasehold (with Shenstone) when I bought it. I have recently bought the freehold and it cost me just under £4,000 - that was with 60 years left on the lease (it's taken me several years to save up the money to buy it out).

WallE_2

Is it a pain to get it swapped over or are they usually fine with it?

If anyone else has any answers to the questions I'd be very grateful

alba7

Getting the lease switched into my name was no problem - it happened as part of the house buying process. I don't remember it costing much, the quote you got sounds about right.

As to the freehold, get your solicitor to write to Shenstone and ask for a rough ball park figure - they were pretty accurate with mine! I believe you have to own the house for 2 years before you can apply to buy the freehold anyway. I had to then pay Shenstone £50 for a full price quote but that amount came off the final price when I bought the freehold.

Be aware, Shenstone aren't particularly quick in such matters! It took nearly 4 months to buy my house freehold but my solicitor had warned me that would likely be the case.