Leasehold house

Rachna_83

I've got a viewing to see a house which is leasehold. Is there anything I need to be aware of? The lease has 930 years left and rent is £7 and insurance. What does it mean when it says and insurance? I've had the title deeds sent to me and under parties there is an individuals name and a company. Are these the people who own the freehold? 

RM_2013

There is probably a management company or the builder that owns the lease as shown in title deeds. If you decide to go for the house your solicitor can  advise you.  From what I’ve read the conveyencing process can take a little longer for leasehold properties. Hope the viewing goes well 

eddddy

Rachna_83 said:

The lease has 930 years left and rent is £7 and insurance. What does it mean when it says and insurance?

The lease might say that either

• the leaseholder (i.e. you) has to arrange buildings insurance, or 

• the freeholder has to arrange insurance - and then the leaseholder repays the freeholder

So I guess they mean the freeholder arranges the insurance, and you'll repay them (together with £7 ground rent).

Rachna_83 said:

I've had the title deeds sent to me and under parties there is an individuals name and a company. Are these the people who own the freehold? 

If it's the 'title deeds' of the leasehold house, it will only show the name of the freeholder when the lease was first granted.

Was the lease first granted about 70 years ago? If so, it's very likely that the freehold has been sold one or more times since then.

The 'title deeds' of the freehold would tell you who the current freeholder is.