Buying a leashold house,- should we just walk away? Advise please.

DoctorRN

I certainly take your point Alex, but beware. If you challenge the price of the freehold them you are often liable for the freeholders legal costs as well, which can be whatever they choose.

alex_163163

Yes I had read that was the case.
We are trying to see if we can buy the freehold outright to start with, still waiting for this info to come through so we are in limbo at the moment.

I have had advice from a MSE poster on a different thread that buying a999 year lease that increases in line with RPI isn't actual worth doing, but I need to wait to see if and how much the developer offers it for, if any restrictions are still in place on the freehold, and then do the sums myself to fully understand if that is true.

NeilCr

DoctorRN wrote: »

I think that is a different situation to here. In your situation, it is the residents that own the freehold. In this situation, it will be a private company.

It is indeed.

But this is the second time I have been in this situation (with new builds) and on both occasions we have acquired the freehold when all the properties have been sold

And - both estates were in such a good position/well built etc etc etc that I would have wanted them, anyway. I do think that it does depend how strongly you feel about the property and your own position. I am older - have no dependents - relatively comfortable financially so getting the property I really wanted outweighed the possible financial disadvantages

I guess I am saying that it isn't necessarily all bad as suggested by some posters on this thread

alex_163163

Can I ask how big your development(s) were and how you were approached about all buying the freehold? Did you initiate that or did the developer set it in motion? Or did you buying knowing that this arrangement would be put in place once all the houses were sold?

NeilCr

alex_163163 wrote: »

Can I ask how big your development(s) were and how you were approached about all buying the freehold? Did you initiate that or did the developer set it in motion? Or did you buying knowing that this arrangement would be put in place once all the houses were sold?

First 15 flats

Second - 69 properties flats/houses/freehold/leasehold.

On both occasions developer came to us. Wanted rid as soon as the last unit was sold.

First one - no I had no idea. It had been ages since I'd bought a property and I just liked it

Second. I bought not quite new so the freehold purchase was in process

I can honestly say I'd have purchased both, anyway. They were what I wanted at that time of my life

Chanes

BBH123 wrote: »

Someone else with problems of leasehold house on this forum, there are other thread but I cant find them at the moment

https://forums.moneysavingexpert.com/discussion/5598202

https://forums.moneysavingexpert.com/discussion/5598059

Incredible! We were looking to buy a brand new house and the clauses in the 999-year lease put us off completely. The more I read the more I am relieved we bought one that was FH and 25 years old!

How do the house builders keep getting away with this.

Hedgehog99

glasgowdan wrote: »

Even money aside, the principle of being told what to do with my home would stop me ever considering this.

This concept will remain as long as there are enough idiots willing to buy the houses.

There is the consolation that it stops your neighbour doing anything really stupid that would detract from the value of your house.

AnotherJoe

Hedgehog99 wrote: »

There is the consolation that it stops your neighbour doing anything really stupid that would detract from the value of your house.

Not enough consolation to overcome point 5;
5. House cannot be sold without permission of the developer and payment of a fee – minimum £100 (no maximum). (My bold)

IMO anyone that knowingly signs up to that deserves whatever comes their way when they come to sell.

glasgowdan

Hedgehog99 wrote: »

There is the consolation that it stops your neighbour doing anything really stupid that would detract from the value of your house.

Small comfort for not being allowed to park your own van, put up a fence or get a different colour door of your own choosing!

Has the OP even been back to check this thread?

getmore4less

glasgowdan wrote: »

Small comfort for not being allowed to park your own van, put up a fence or get a different colour door of your own choosing!

Has the OP even been back to check this thread?

https://forums.moneysavingexpert.com/discussion/comment/72074660#Comment_72074660


Another person with problems.
https://forums.moneysavingexpert.com/discussion/5598626