Buying the Freehold

J4y1980

Hi,

We own a leasehold house with a yearly ground rent of £4.50. The Freeholder has recently written to us asking if we would like to purchase the Freehold. The "all-in" cost for this including the legal fees is £450.

Is this good value for money? The lease has 900+ years left on it but I'm wondering if it's worth doing if we ever want to make any structural changes to the property.

Thanks!
James.

k3rryb3nnett

I work for a local authority who charge £1,000 inclusive of fees for freehold purchases of 999 year leases.

I would purchase it if you have the money as it releases you from all restrictions within the lease, especially anything relating to forfeiture. I may be incorrect but I presume it would make it easier also if you ever come to sell if you own the freehold rather than a leasehold interest.

Mossfarr

that is a very good offer, I would jump at it.
Just be aware, there is a possibility that Your legal fees may not be included in that price.
I bought mine last year for £1500 all in. No immediate benefits but if in the future I want to extend, build a porch, add a conservatory, build a garage etc etc at least I won't have to seek the freeholders consent and pay for the privilege. Also, it will be more attractive to buyers when I come to sell it.

da_rule

It would make your life easier in terms of works as you wouldn't need freeholder consents.

At that price I'd bite his hand off. Your legal costs will probably be in the same ballpark so you're looking at about £1000 all in, which isn't bad.

Also, given all of the bad press about freehold houses you may find that owning the freehold makes the property more marketable.