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Selling house with leasehold
Stalgis12
Posts: 2 Newbie
My wife and I are trying to sell our 3 bedroom house in Crewe. We bought the house 12 years ago whilst it was still being built. When buying this house we knew it was leasehold but that seemed to be the norm. We have now grown into a family of 4 and are looking for a bigger house. Our house has been on the market since June 2018 and although we have had plenty of viewings and sold it once (they were refused a mortgage) the common feedback we are getting is that the leasehold is putting buyers off. I have been in contact with a solicitor regarding the issue but even she said it wouldn't be worth the cost. Any ideas what we can do?
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What are the terms of the leasehold- how long is it, how often are there increases to it and how are those increases calculated?0
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just to clarify!middleclassbutpoor wrote: »What are the terms of the leasehold- how long is it, how often are there increases to[STRIKE] it[/STRIKE]the ground rent and how are those increases calculated?
Errr..... you what?At this time we had no option but to buy this house knowing it was leasehold.0 -
The leasehold has 140 years remaining at a cost of £40 every 6 months. At the moment we haven't had any increases0
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https://nationalleaseholdcampaign.org
There’s a Facebook page too. Lots of people ask similar questions. Might get some more info there0 -
As it is a house and you have a lot of room to play with at 140 years, you have the statutory right to buy your freehold. It will cost a few thousand but shouldn't be much. there is a calculator somewhere to give you a rough estimate. It really is worth the cost.
As a leaseholder you don't own your home, the freeholder does. Not so important yet but people are discovering the huge problems that entails when they discover covenants that prevent them from adding an extension without paying a fee etc, and the shorter the lease the less it is worth.
There is a Facebook campaign - the National Leasehold Campaign - and a current Government consultation about Leasehold.0
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