Buying Leasehold on Property

Chrissy21

Hi we are on the verge of buying our lease (which is only small) from Freehold Managers.
With all the fuss around leases we thought it would be the right thing to do and the paperwork/process seems quite straight forwards
We are planning on selling this year, thought it would make it more sellable?
Do we need a solicitor and does anyone think it a good/bad idea or have any recent experience with them?
I think I'm fairly savvy which is why I stopped before I paid.
Many thanks for any help.

Alter_ego

I guess you're buying the freehold?

Slithery

Did you mean to say that you were purchasing the freehold? I assume that you already own the lease...

greatcrested

Assuming you mean you already own a lease and are considering buying the freehold, is this a flat or a house?

:https://www.lease-advice.org/advice/find-the-right-information-for-you/?step-option=61

https://www.lease-advice.org/advice/find-the-right-information-for-you/?step-option=62

hazyjo

Or perhaps extending the lease?

eddddy

If you're talking about buying the freehold of a leasehold house - have you agreed a purchase price and the freeholder's costs you'll have to pay?

The freeholder might want to move some of the Leasehold covenants over to the freehold - you might want a solicitor's advice on whether you can prevent that happening.

Chrissy21

Hi oh I'm confused now doesn't take much.
Just checked and yes buying the freehold - we pay ground rent on a house we own and are planning on moving later on this year or next. 
There's been a lot of fuss about this so we thought it might just be easier to buy it?
We have agreed a figure and agreed to pay their fees.
The company is Freehold Managers ltd.

greatcrested

Chrissy21 said:

Hi we are on the verge of buying our lease freehold(which is only small) from Freehold Managers.
With all the fuss around leases we thought it would be the right thing to do and the paperwork/process seems quite straight forwards
We are planning on selling this year, thought it would make it more sellable?
Do we need a solicitor and does anyone think it a good/bad idea or have any recent experience with them?
I think I'm fairly savvy which is why I stopped before I paid.

We have agreed a figure and agreed to pay their fees.  The company is Freehold Managers ltd.

1) How long is your lease? If the lease is short, selling without the freehold will be hard. If the lease has another 999 years to run the freehold won't make much difference!

2) How much have you agreed to pay?

Whether it's a good idea will depend on these two factors.

Buying the freehold is relatively straightforward if you know what you are doing. Give £X to seller, receive TR1 in return and send to Land Registry.

But there may be complications (eg moving covenants) and risks (eg you pay but don't receive the TR1 hence need for a contract which buyer draws up).

So - solicitor? Advisable but not essential.

Chrissy21

Yeah it had a 999 leave 21 years ago so around 978. 
Its only £1850 plus their solicitors fees of around £450.
It looked like a pretty straightforwards deal but seems like it might be worthwhile, although with so long on it we might consider just not bothering.
Thanks to everyone for the advice.