Should i buy the freehold on my house

Continental

I have to agree with other posters here. I wouldn’t for one moment consider buying a house which is leasehold, although would for a flat.

As far as I understand it, if you own the freehold of a property you own the building and the *land* including the garden(s) up to the property line on the title deeds that the property is sitting on. With leasehold, you may own the building but you will never own the land underneath it.

I know which I would prefer.....and I’m pretty sure that most purchasers of a house would do so too.....: freehold all the way!

hazyjo

TE16 wrote: »

Hi! I've been in a new build, leasehold house for 3.5 years and am considering buying the lease but am not sure whether it will add enough value to justify it. The freeholder has given a purchase price of £7.5k including their legal fees. My house is currently valued at circa £420k, I pay £325 per year on ground rent and the lease has 144 years remaining.
The main reason for potentially buying it now is to avoid having to pay £108 per question regarding alterations to the property plus £300 per change if I'm allowed to go ahead! This seems a massive rip off!
Would anyone be able to offer some good advice please?
Thank you in advance.

Would have been better starting your own thread really.


Do a poll if you want on who would buy a leasehold (new-ish) house. I'm another who wouldn't touch them with a bargepole. If you're limiting your house to half the standard number of viewers/buyers, that surely has to go against you. (Appreciate it only takes one to want it...)


Along with the charge you mention, you'd prob also have to pay for an info pack which may cost in the region of £400 (give or take a couple of hundred). If you still have to pay a service charge, despite buying the FH (common with new build estates), you may still have to pay that fee for an info pack.


Were you unaware of what LH entails when you bought the property? Don't go expecting other buyers to be so naïve, especially all what's to come in the news re LH new build houses. I should imagine many others won't be touching them with bargepoles in the near future after being clued up by the media.


I would definitely buy the FH.

Slithery

Continental wrote: »

As far as I understand it, if you own the freehold of a property you own the building and the *land* including the garden(s) up to the property line on the title deeds that the property is sitting on. With leasehold, you may own the building but you will never own the land underneath it.

Nope, if it's a leasehold you don't own the building either. Just think of it as a long rental where you pay upfront for the next 100 years (or whatever the lease remaining is).