leasehold flat

spezial

instead, if you own a freehold house, are you allowed to rebuild it the way you want if it needs demolition?

you know what am trying to figure out: is the 100 year leasing a catch phrase, that makes you pay enormous buying prices and you basically won't you it for so long, and you will have to repay it every 50 years or so because it will be like living in a doghouse? plus it will have no value to sell it after 50 years? all this in contrast with a house

benjus

spezial wrote: »

instead, if you own a freehold house, are you allowed to rebuild it the way you want if it needs demolition?

You will need planning permission before you build anything.

spezial wrote: »

you know what am trying to figure out: is the 100 year leasing a catch phrase, that makes you pay enormous buying prices and you basically won't you it for so long, and you will have to repay it every 50 years or so because it will be like living in a doghouse? plus it will have no value to sell it after 50 years? all this in contrast with a house

I don't understand most of that.

I doubt you'll see much difference in leasehold value as long as it's over 90 years or so. Once it gets below that it may lose value, but only by the amount of money it would cost to renew the lease.

spezial

you are saying that a newly build flat now will cost 100k and after 50 years it will have the same increase in price as a newly build similar house that costs 100k?

benjus

spezial wrote: »

you are saying that a newly build flat now will cost 100k and after 50 years it will have the same increase in price as a newly build similar house that costs 100k?

Impossible to answer that as it depends on the laws of supply and demand. As I said before if the lease is quite short after 50 years there will be some drop in the flat's value due to this, but it won't be more than the cost of renewing the lease.

airyfairy76

Some leasehold reading for you....

http://www.lease-advice.org/publications/documents/document.asp?item=7

spezial

by the way, is it possible to purchase 999 years leasing?

ognum

spezial wrote: »

by the way, is it possible to purchase 999 years leasing?

Yes, there are flats for sale with 999 year leases or a share of the freehold.

AlexMac

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

No- it is much easier than this; just ensure you live long enough - 75 years is probably enough - for a time machine to be invented.

Then, you use iot to go back and correct all your mistakes- such as failing to read the advice on this website about how to extend your lease and leave you or your bambini with a worthless asset.

And if you think this is bad advice, it is no worse that the answers to some others of your recent paosts;

spezial wrote: »

I am looking for a weekend bank in Basildon to open an account in euro, can you suggest me a good one? I saw the Metro is opened even Sundays, is it good and reliable bank?

Given your country of origin, surely you know the best euro-bank is the one from Sicilia: https://www.mafiosifamiglia.it

Given your many other random posts, such as;
Quote:
Originally Posted by spezial View Post
"In my country you can find pancetta, ie pork belly thick slices like small steaks, with 3.5 euro per kg, no bones. Is there anything like this in uk? What's the cheapest meat available here, as I find everything above 5pounds per kg in supermarkets!"
you may be intersted in the fact that they also do very cheap pork meat... or at least, it looks like pork...?

Ciao

spezial

excuse me, after I buy the freehold of the flat, the actual landlord loses everything from the flat???

silvercar

spezial wrote: »

excuse me, after I buy the freehold of the flat, the actual landlord loses everything from the flat???

The landlord has got the money from you buying the freehold. He has sold it to you. So he doesn't lose, he has the money.