lease question

kieron79 · 4 March 2017 at 4:00PM

looking to buy a new build which comes with a 999 year lease. they are offering the option to purchase the lease for 6.5k. is this worth doing and should I ask them to include it as part of the deal? we are in rented at present as sold house so strong position to barter. house 380k
thanks in advance

da_rule · 4 March 2017 at 4:02PM

I assume you mean sell you the freehold?

Try and negotiate it in, but buy it if you really want the house or walk away. Once you've bought the house it can be extremely expensive to buy the lease. And you'll probably have to pay for their consent if you ever want to do works on the house.

kieron79 · 4 March 2017 at 4:08PM

that's what concerns me. it's common practice now to sell the leasehold onto a third party who then request an extortionate amount to to buy the leasehold from them. the only positive (if there is one) is that it's 999 years rather than the 125 offered on most other developments.

G_M · 4 March 2017 at 4:22PM

kieron79 wrote: »

looking to buy a new build which comes with a 999 year lease. they are offering the option to purchase the [STRIKE]lease[/STRIKE]freeehold for 6.5k.

I assume you mean sell you the freehold?

it's common practice now to sell the [STRIKE]leasehold[/STRIKE]freehold onto a third party

It's understandable to make an error initially on a topic you are unfamilar with. But if you're going to get involved in this legal process, and have asked for help, at least take the trouble to read, and learn from, the replies!

kieron79 · 4 March 2017 at 4:28PM

Jesus, get over yourself. I'm busy racing around sorting stuff out, apologies I did not have time to digest the legalities to the wording of thepost.

G_M · 4 March 2017 at 4:44PM

Legal wording can make a huge difference. OK, in this case we are 95% sure we know what you mean, but posters frequently use a wrong word, or quote a legal document slightly wrongly, and it can significantly alter the appropriate advice.

da_rule sensibly asked you to confirm what you meant. You not only ignored the question, but repeated the error (if indeed it was an error).

You may be busy but if you want free advice then take the trouble to focus a little.

economic · 4 March 2017 at 5:05PM

personally i would never buy a new build. you lose money on day 1! and if you dont buy the share in th freehold you get screwed over time. plus new builds tend to be of cheap build quality (at least some are but not all, depends on the developer).

kieron79 · 4 March 2017 at 5:31PM

I hear what you are saying about new build but after much deliberation we think it will probably suit our needs better with a growing family. just need to haggle hard for all the extras such as upgraded kitchen worktops/flooring etc

flashg67 · 4 March 2017 at 6:07PM

Having seen news items recently ref lease purchases and/or management fees increasing ridiculously in future years, I'd be tempted to buy now while you can and the cost is relatively cheap

Chanes · 4 March 2017 at 6:20PM

Find the National Leasehold Campaign on facebook and ask that question and mention that price. You will get some great advice too. It's a closed group but you should be accepted within an hour or so.