Leasehold semi

pilavas

Cakeguts wrote: »

Wouldn't it just be simpler to buy a property of the size you really want rather than go to all the effort of building an extension?

True, but will be a project to take on in the near future, Don't have much cash to buy a property with an extension built already.

Cakeguts

pilavas wrote: »

True, but will be a project to take on in the near future, Don't have much cash to buy a property with an extension built already.

The problem is that if you buy a property so that you can extend it you are going to have a problem if you don't get planning permission for an extension. Work out what it is that this property lacks and then see if you can find one that is nearer to that. Building an extension won't mean that you will get all of the money back that you spend on the extension when you sell the house so you may actually lose money in the long run by doing this.

Mossfarr

Ex local authority properties tend to be a bit cheaper even though they are usually very well built and well proportioned properties.
Not having to seek (and pay for) permission to extend was one of the reasons I decided to buy the freehold even though I currently have no intention of extending. Being a leaseholder means you also need to seek permission (at a cost of £150 each time) for other additions which do not need PP such as a conservatory, garage, paving, fencing etc etc. Furthermore, the ground rent can be increased - in some cases quite substantially.
In my case I just didn't like the fact that I didn't actually own my house even though the lease was never going to be an issue in my lifetime!!
I also thought it would be easier to sell as a freehold property.

pilavas

from what I've been told I can apply to buy the lease after living there for two years and I now feel confident that I will be able to buy the freehold then, and you are right Mossfarr the house is being sold cheaper than any other in the area for that reason, and after speaking with a few estate agents in the area who have confirmed what the selling agent has told me.

Mossfarr

You may not have to wait for the two years, just give the council a ring and ask if you can buy it straight away, you will not be under any obligation. My LA said I could buy mine straight away I just didn't have the funds at the time.
It is an easy way for the cash strapped LA's to get some money in!

pilavas

Mossfarr wrote: »

You may not have to wait for the two years, just give the council a ring and ask if you can buy it straight away, you will not be under any obligation. My LA said I could buy mine straight away I just didn't have the funds at the time.
It is an easy way for the cash strapped LA's to get some money in!

I tried to call the council but had no idea what i was talking about.
Will try and speak with a few solicitor's regarding this matter.

Pay_me

my last house was a lease hold semi with 970 years on lease when I bought the house. I paid £3.20 ground rent per year to the local council.

My lease said no alterations to the layout or extensions without permission. I spoke to the lease holder about it and the official response I received was to not worry about conditions of that nature. They pointed out that every other house in the estate was leasehold also and pointed out how many extensions had already been built and that they were not enforcing that type of condition. I proceeded to knock down walls and change layouts and so on.

I sold the house a few years later and the new buyers didn't bat an eye lid either.

I'f you are concerned about the lease speak to the lease holder and gauge their opinion on the conditions and how likely they are to enforce them. In my experience the lease was next to useless as it would never be enforced other than requiring me to pay £3.20 every year.

robatwork

pilavas wrote: »

Hi all,

Just seen a semi detached property and was looking to make an offer however the agent has told me it's a leasehold with 930 years left on the lease. He mention that the council own the lease and after 2 years of living in it I will be able to buy it at a small price.

Just ask the agent to put that bit in writing.
Then watch him squirm.

pilavas

Thanks all,

I feel much better now and will proceed in purchasing the freehold in 2 years time.

AnnieO1234

Around here former council homes that are leasehold end up being caught up in frontage works costs...

xxx