leasehold flat

spezial

let's say you buy a leasehold flat for 100 years, you live 50 years there and your children inherit it. what if in the 50th year the whole block needs demolition? your children end up with nothing?
also who pays for the various maintenance of your flat? yourself? or you can have a insurance or something, explain me please

anselld

spezial wrote: »

let's say you buy a leasehold flat for 100 years, you live 50 years there and your children inherit it. what if in the 50th year the whole block needs demolition? your children end up with nothing?
also who pays for the various maintenance of your flat? yourself? or you can have a insurance or something, explain me please

The leaseholders pay for maintenance. The leaseholders pay for buildings insurance. Not mch different to freehold overall.

Now if you live for 100 years, then your children inherit nothing!

silvercar

Presumably, you extend the lease so that you don't end up with nothing.

You like posting these random scenarios on here and then different random scenarios on the benefits board.

principlecounts

Read the lease agreement for clues.

The gist is, if a lease has 100 years remaining, and 50 years has passed, 50 years on the lease remaining isn't a very good position.

spezial

so once you buy a leasehold for 100 years, it is wise to extend it immediately for another 100 years?

the question is, if it needs demolition after 50 years, do you end up with nothing?

zarf2007

spezial wrote: »

so once you buy a leasehold for 100 years, it is wise to extend it immediately for another 100 years?

the question is, if it needs demolition after 50 years, do you end up with nothing?

no, just extend it to 999 years and forget about it. If it needs to be demolished for any structural fault then I'm sure the buildings insurance will pay for the block to be rebuilt.

spezial

I don't think it is possible to extend it for 999 years
most flats have 100 years leasing, so I suppose you can extend it for another 100

but what about the age of the building? after 50 years it may need major maintenance, who is going to pay for these? the insurance?

G_M

If you are on benefits, and have no equity

* you will be unable to get a Buy To Let mortgage
* you will be unable to get a Residential mortgage
* you will be unable to extend a short lease which you have not bought
* you will be unable to get consent to divide a room in a leasehold flat that you have not been able to buy
* you WILL be able to buy tomatoes with thicker walls, but maybe not at Aldi.
* you MAY be charged with conspiracy if you conspire with your landlord to defraud the loal authority by assisting him to claim a single person discount to which he is not entitled

By the way, I'm surprised you consider cashback credit cards provide "really not that big deal" given that you are so concerned about the waste caused by buying raw meat (as opposed to cooked) on account of the loss in weight via juices etc during the cooking process......

Hoploz

............. Lol

spezial

why no one answers my question?
stick to the topic and ignore the trolls

Elfbert

You can, in theory, extend the lease to 999 years.

90 years + whatever was remaining is more usual, I think.

If the building requires maintenance/repair after 50 years you and the other leaseholders pay. Insurance doesn't usually cover it. It might cover very specific things, but not the usual new roof/windows/lift/internal decoration etc. which runs into many thousands of pounds.

If it's in your flat, you pay for it alone.

If the building needs to be demolished, I imagine the insurance would cover that, as it would probably only happen for something very serious like major subsidence or being gutted by fire.