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Buying the freehold

123457

Comments

  • Slithery
    Slithery Posts: 6,046 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    There is no right or wrong way, it comes down to the personal choice of the owners.
    Who was the executor of your mother's estate? They will be able to tell you.
  • NameUnavailable
    NameUnavailable Posts: 3,030 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    theshoefairy said:
    No i havent approached them yet. i am waiting for my lease advisory appointment tomorrow before contacting them.
    I'm interested to hear of your feedback on this - I found them as useful as a chocolate teapot, I knew more about leashold law at the time than the person I spoke to who was clearly just reading stuff aloud from the website to me (word for word the same).


  • theshoefairy
    theshoefairy Posts: 221 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Just to update. They wwre quite helpful today. They have said that I can force them to extend the lease by 50 years free of charge but I need to get to a solicitor asap. Also rather than do this i would still like to buy if possible. Getting it for cheap at auction doesn't seem to be an option as he said there will probably be a reserve.

    Does anyone have an idea of what i should offer thw freeholder? 
  • unkle
    unkle Posts: 338 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    That good news, I have less experience on Leasehold houses so maybe it's different to a flat. I guess it will mean that the Ground Rent will increase a lot compared to now, but thats a much better scenario.
  • NameUnavailable
    NameUnavailable Posts: 3,030 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    That sounded too good to be true but it is indeed possible subject to certain criteria. I googled and found this site which explains more. I must stress I know nothing about the firm just that the info on the site might be of use. https://www.samconveyancing.co.uk/news/conveyancing/leasehold-house-lease-extension-process-8209
    This is VERY different to flat lease law!


  • theshoefairy
    theshoefairy Posts: 221 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Is the fact its different a good thing? Things are hard to soak up at the moment, trouble sleeping since i found all this out. 
  • NameUnavailable
    NameUnavailable Posts: 3,030 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    If you can get a 50 year lease extension for just the cost of legal fees then yes, that's a very good difference!
  • theshoefairy
    theshoefairy Posts: 221 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Thank you. I sincerely hope so. If i can't buy it right now maybe it will give me more time to buy because i don't want my daughter in this position when I am gone. 
  • theshoefairy
    theshoefairy Posts: 221 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Would anyone know if the lease was extended by 50 years if it would bring the price of the freehold down? It means the lease would be 62 years, which would be more than the lease would have been when my mother bought the house in  1978.

  • Soot2006
    Soot2006 Posts: 2,185 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    theshoefairy said:
    Would anyone know if the lease was extended by 50 years if it would bring the price of the freehold down? It means the lease would be 62 years, which would be more than the lease would have been when my mother bought the house in  1978.


    Yes it will since the property is now unlikely to revert to the current leaseholder in their lifetime. Less at stake.
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