First time buyer.. Buying a house in need of full renovation

dawyldthing

I wouldn’t take a leasehold on. If your spending this kind of money on a house you want to own it outright. That with no kitchen and stuff - I would run a mile!

G_M

Spend £3 on the Land Registry Title. Quick and cheap info.


Find the auction listing.


Could be legal issues with the ownership.
Could be structural/physical issues.
Or Charges on the Title.
Might be in negative equity so can only be sold at a specific amount (or above) o pay off the mortgage (if so, wait till it fails to sell, gets reposessed, and reappears for sale by the bank)

Davesnave

dawyldthing wrote: »

I wouldn’t take a leasehold on. If your spending this kind of money on a house you want to own it outright. That with no kitchen and stuff - I would run a mile!

Fine, if you don't want to take account of the reality that leaseholds can be very different, and also commonplace in some locations.

It's a bit of a "Four legs good, two legs bad" philosophy, but if it helps you feel better, or sort property, why not?

I'm very fond of pointing out that my first piddly little end terrace last sold in 2014 for £340k. It's still leasehold, as are the others around it, so it's not exactly putting people off! Not in the SE either.

Mr.Generous

Davesnave wrote: »

Fine, if you don't want to take account of the reality that leaseholds can be very different, and also commonplace in some locations.

It's a bit of a "Four legs good, two legs bad" philosophy, but if it helps you feel better, or sort property, why not?

I'm very fond of pointing out that my first piddly little end terrace last sold in 2014 for £340k. It's still leasehold, as are the others around it, so it's not exactly putting people off! Not in the SE either.

I agree Dave, got a terrace where the lease is £2 per year for the next 200 odd years. Have previously had a leasehold renovation project where lease was 2 peppercorns per year. (Yes really - ever heard the phrase peppercorn rent?) They didn't collect it obviously.

Any house that needs work needs to be minimum 3ok below the done up price for me to consider it, materials, legals, stamp duty, council tax, utility bills etc absolute minimum £10k, so labor to fix it up £20k and they take ages. Any less than that and no profit in it. We do the work ourselves, presumably you'd be paying tradesmen so it would be more I imagine. Look at threads for bathroom and kitchen quotes to give you an idea, on a wreck figure electrics and plumbing / heating work too.

Good luck.

Davesnave

Mr.Generous wrote: »

I agree Dave, got a terrace where the lease is £2 per year for the next 200 odd years. Have previously had a leasehold renovation project where lease was 2 peppercorns per year. (Yes really - ever heard the phrase peppercorn rent?) They didn't collect it obviously....

Gosh, mine was expensive then at £5!

Likewise, never collected in the ten years I owned it.