Buy the freehold?

keira1234

I am interested in a property that has just come on the market. It is a standard 3 bed semi with garage on a nice estate. The property is leasehold. I have been informed by the vendor that there are 968 years remaining on the lease but as it is being sold by the family of the deceased owner they can't give anymore info on whether we could purchase the freehold or rent amount for the lease or anything else.

Where would I go to find this info?

There is a similar property on the same estate for sale for £7000 more that is freehold however we aren't keen on the plot position so have discounted that one.

keira1234

I have no experience of leaseholds so any info at all would be helpful.

Thanks

Guest101

The sellers pack should contain such things, which the freeholder can provide.

Have they been through probate etc?

keira1234

I have no idea. What kind of questions should I be asking the agent? Should I be able to view the sellers pack?

Guest101

keira1234 wrote: »

I have no idea. What kind of questions should I be asking the agent? Should I be able to view the sellers pack?

Well you're buying from an estate, so how many beneficiaries are there, are the executors of the will on the ball?

Who holds in interest in the property? (just the estate?)

The sellers pack costs, but the estate would be foolish not to pay to faciliate the sale.

The sellers pack should confirm the lease length, the ground rent, the management company, the freeholder (who you can talk to about purchasing the freehold - though with close to 1000 years left, the ground rent will be minimal and the freehold probably more than you'll make back)

keira1234

Thanks so much that is really helpful. I've just fired some questions at the agent so hopefully I'll get the answers I need.

viszoom

Hi there, I am having similar scenario for the new build property from very 'well known' housing development company, I would like to buy brand new house but seller company says its lease hold for 999 years, £150 fixed rent for 10years and £147 service charge, and i cant buy free hold for first two years, Now, I would like to know the cost to buy freehold but no one can confirm this (solicitor appointed by developer nor developer), So, can you please help me to get the idea for total cost to buy free hold for the proposed property price of £235000 in England Region.