Buying the freehold

theshoefairy

I won't mince my words. I am pooping myself. I received a letter from Pantera Property Management saying that the freeholder is selling and it is going to auction in December. They were offering I could buy the freehold and to contact them via email. I called them and was told to email. I emailed a further 4 times before getting a reply, which I got tonight and I'm gobsmacked. They have basically said the freehold is going to auction and the guide price is £50, 000 plus. If I want to make an offer bla bla bla. Just for information, the house is an end terrace, not in an affluent area, small garden. House is owned outright. Can someone offer any advice on this please? Has anyone heard of this company because the letter looks strange with pixellated logo and hand to read text. 

unkle

how long is your lease?

unkle

https://beta.companieshouse.gov.uk/company/12038652

theshoefairy

They're telling me remaining lease is 12 years with a ground rent of £3.50 a year. 

theshoefairy

Thanks for the link, what do you mean? The link to companies House is Panthera not Pantera. 

AdrianC

There doesn't appear to be a company called "Pantera Property Management".

There's Pantera Property...
https://www.panteraproperty.com/
https://beta.companieshouse.gov.uk/company/09796266

...and there's Panthera Property Management
https://beta.companieshouse.gov.uk/company/12038652

At fifty grand for the freehold for an end of terrace in a "not affluent" area, I think they're... unlikely to sell.

The freeholder can employ whoever they like, and can ask however much they like, for a non-statutory purchase... but you have the legal right to a statutory purchase.
https://www.gov.uk/leasehold-property/buying-the-freehold
https://www.lease-advice.org/faq/i-own-a-leasehold-house-how-do-i-buy-the-freehold/
https://www.lease-advice.org/advice-guide/houses-qualification-valuation/

unkle

theshoefairy said:

They're telling me remaining lease is 12 years with a ground rent of £3.50 a year. 

That sounds very short, do you have a copy of the lease, when did you buy it? Couldn't find a company by that exact name.

Slithery

What were you planning to do in 12 years when ownership of the property reverts to the freeholder?

theshoefairy

Thank you all. I don't have a copy. My mother paid off the mortgage years ago. She passed in 2013 and left the house to me. 

eddddy

If the remaining lease is only 12 years, £50k sounds very plausible.

In relation to the lease - you can extend it, buy the freehold, give the house back to the freeholders after 12 years....

AdrianC

If it really is just twelve years, then they're basically looking at the value of the property, less a bit of rent.