Buying Your Freehold in NI

Old_Git

my house has 999 year lease but no ground rent .should I buy the freehold

saverbuyer

Old_Git wrote: »

my house has 999 year lease but no ground rent .should I buy the freehold

Has to have ground rent. The lease must contain consideration.
Is it "peppercorn" maybe?

justaquestion

Buying out the lease so that you don't have to pay any more ground rent and owning the freehold are completely two different things, whereas you buy the lease the terms and leasehold years will remain the same, only you have to pay no more ground rent, whereas buying the freehold means you will hold the land forever, not that it really matters, as we all die.


Having bought the freehold in addition to redeeming the ground rent charge this is my understanding, and buying out the freehold will incur additional charges from the land registry and solicitor, total in my case about £700 for both ground rent redemption, and buying out freehold.,
Hope this helps.