Buying out ground rent

BatCat

Hi folks,
Anyone here bought out their ground rent?
I was thinking about it but there is a £50 fee, a form needs to be witnessed by a solicitor and you need to pay a certain amount of years of ground rent to redeem it:
http://www.dfpni.gov.uk/lps/notes_-_redemption_of_ground_rent_-_notes_for_applicant.doc
Interestingly these folks describe a much simpler process:
http://www.housingadviceni.org/paying-for-a-home/other-housing-costs/ground-rent.html#wipLive-11182-5
But they seem to be cutting out a lot of the detail.
Anyone done it recently?
Thanks!

dmxdave

I spoke to a solicitor about it and they said it was not worth the bother, obviously this depends on the amount you are paying

BatCat

We pay 6.50 a year. Not a huge sum!

saverbuyer

dmxdave wrote: »

I spoke to a solicitor about it and they said it was not worth the bother, obviously this depends on the amount you are paying

You need to speak to better solicitor. Really poor advice there.

Its a very simple process. Well worth it even for £6.50.

BatCat

Hi saverbuyer,
So how much then would the solicitor's time etc cost here? Is this a quick and simple 20-50£ thing?
Thanks!

GlynD

BatCat I'd find a good local solicitor who does conveyancing and ask him how much his/her fee would be to buy out your leasehold.

BatCat

Thanks GlynD!
Have sent an email to the solicitor who did the conveyancing for our house. Fingers crossed it is not too pricey.

GlynD

BatCat wrote: »

Thanks GlynD!
Have sent an email to the solicitor who did the conveyancing for our house. Fingers crossed it is not too pricey.

I'm glad I was able to help. I've never done a buyout myself. At £40 a year it just doesn't seem worth it but I have investigated it in the past.

saverbuyer

A solicitor will charge you next to nothing for this. Ten years payment, £50 in fees and another tenner for the affidavit for the solicitor.

Don't let one tell you it's difficult because it's not. All the solicitor is doing is signing a form.

dmxdave

saverbuyer wrote: »

You need to speak to better solicitor. Really poor advice there.

Its a very simple process. Well worth it even for £6.50.

Can you please explain the maths there at £6.50?

Thanks

saverbuyer

dmxdave wrote: »

Can you please explain the maths there at £6.50?

Thanks

Depends if there are restrictive covenants or not. £120 quid could be worth it if you plan on building an extension or doing something prohibited in the lease.