Leasehold - should we withdraw?

user1977

propertyhunter said:

As others have said, it's not the financial burden, but the rights you have as a leaseholder vs a freeholder. What restrictions come with the lease? That's important, as you might not be able to do certain things to the property that you would like - such as building an extension or knocking down a wall. Legally with freehold you own the land, you don't with leasehold.

You say it's £6 per year. How does that increase over time, and by what amount? 

Like I said above, this sort of ultra-long lease generally has minimal restrictions, and it's more likely than not that the rent never increases. Yes, you do of course have to check the detail - but the same would apply to a freehold property (and many of those these days come with reams of restrictions and financial liabilities).

Sandwich567

Thanks very much for all the advice! (yep I’m a first time buyer, so bit nervous about things)

flashg67

You're right to check, but I'll add to those who say you've vey likely nothing to worry about. There are many thousands of Victorian terraced houses where I am in the NW with these low lease charges. They were often designed to provide an income for the landowners, but nowadays, they're often not even worth the time spent collecting the payments - I've had more than one such property in the past. It's not really the seller's place to inform you - that's your solicitors job. Perhaps they are worried by potential buyer's reactions  - the term 'lease' has become a dirty word recently, mainly due to the unscrupulous greedy housebuilders that are currently around