Buying a Property From the National Trust

Mickelburgh78 · 31 August 2015 at 6:06PM

Hello,

Does anyone have any experience buying a property on a long lease from the National Trust?

I have seen a property that I really like but it's on a long lease from the national trust (106 years). There are 'owners' already living there so the purchase would be though them. I have read the national trust information re leases that explains their involvement but I have heard that there can be an issue with the right to enfranchisement where they can in some circumstances not agree with the increase in value of a property and therefore jeopardise the potential sale.

Any information would be gratefully received!

James

Mickelburgh78 · 31 August 2015 at 6:11PM

I should add that the lease has 68 years remaining.
James

Hoploz · 31 August 2015 at 7:45PM

Are you hoping to get a mortgage? If so it could be a problem

Brown_Eyed_Girl · 31 August 2015 at 8:14PM

As Hoploz says, anything under 70yrs left is harder to get a mortgage on - although not impossible. It's worth thinking about what that means for you reselling if you are planning on doing that any time soon.

You can get a lease extension, but after your passed 85yrs the cost of doing so increases a lot each year. You also may have to wait up to two years to do it unless you get it agreed with the current owners for them to apply (assuming they have been there more than 2yrs) and include it in part of the sale - it will push the price up.