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How much extra is a 950 year lease worth
padington
Posts: 3,121 Forumite
in comparison to a 85 year lease ?
Proudly voted remain. A global union of countries is the only way to commit global capital to the rule of law.
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Comments
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950 year lease? If that started now it would make more sense to buy the Freehold!
Can you extend the 85 year lease?0 -
I think it's very hard to say. Does the 950 year lease include a minimal ground rent as apposed to the 85 year lease which certainly means it will need to be extended soon at some cost.
I have several flats and would always go for a very long lease or a share of the freehold.0 -
I think it's very hard to say. Does the 950 year lease include a minimal ground rent as apposed to the 85 year lease which certainly means it will need to be extended soon at some cost.
I have several flats and would always go for a very long lease or a share of the freehold.
It's got £100 peppercorn yearly ground rent, 950 plus years plus share of freehold. Is that a hell of a lot more attractive than a normal 85 years lease or just a bit ? Just trying to get people's personal perceptions on it.Proudly voted remain. A global union of countries is the only way to commit global capital to the rule of law.0 -
Share of freehold is a big attraction. If you think about it 85 yr lease with share of freehold is loads better than an 85 yr lease. With a 950 yr lease having a share of the freehold doesn't add much extra.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Share of freehold is a big attraction. If you think about it 85 yr lease with share of freehold is loads better than an 85 yr lease. With a 950 yr lease having a share of the freehold doesn't add much extra.
Why not out of interest ?Proudly voted remain. A global union of countries is the only way to commit global capital to the rule of law.0 -
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Share of freehold is a big attraction. If you think about it 85 yr lease with share of freehold is loads better than an 85 yr lease. With a 950 yr lease having a share of the freehold doesn't add much extra.
The thing that is better is not having a freeholder involved in transactions.
Most 'share of freehold' groups are run by a management group who acts for the flat owners or by the flat owners themselves. This speeds up transactions and the ability to obtain lease details when selling/ buying.
I ama ware of two people who have lost sales because the lease details were impossible to extract from the very inefficient freeholders.
I have an opportunity to buy the freehold on a flat I own that has a 999 year lease, the cost will be £670 and I will be happy to pay. As its a rented property I will deduct the cost from CGT on sale.
Definitely get a share of the freehold.0
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