PLEASE READ BEFORE POSTING
Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.Buying the freehold advice
Flo87
Forumite Posts: 19
Forumite
I own a leasehold terraced house, roughly 900 years left on the lease with a ground rent of £8 per year plus a covenant that requires me to insure the property with a specific company.
I`ve approach the Freeholder on the informal route how much they will ask for the freehold( more like an idea to know where I`ll be in future), and they quoted me £1000( this is for everything on their side) that`s approx 1% of the value of the house. They are advising on getting a solicitor on my side but not necessarily as the paperwork will be straightforward to complete.
Can I do this myself?
I`ve approach the Freeholder on the informal route how much they will ask for the freehold( more like an idea to know where I`ll be in future), and they quoted me £1000( this is for everything on their side) that`s approx 1% of the value of the house. They are advising on getting a solicitor on my side but not necessarily as the paperwork will be straightforward to complete.
Can I do this myself?
0
Comments
-
Sames way overvaluedFlo87 said:I own a leasehold terraced house, roughly 900 years left on the lease with a ground rent of £8 per year plus a covenant that requires me to insure the property with a specific company.
I`ve approach the Freeholder on the informal route how much they will ask for the freehold( more like an idea to know where I`ll be in future), and they quoted me £1000( this is for everything on their side) that`s approx 1% of the value of the house. They are advising on getting a solicitor on my side but not necessarily as the paperwork will be straightforward to complete.
Can I do this myself?0 -
If you decided to take the legal route (called 'statutory enfranchisement'), a tribunal would probably say that the freehold is worth less than £200.
But you'd have to pay the freeholder's legal fees as well - which could take the total cost over £1000.
It might be worth getting your own solicitor to check-over everything - to make sure that the current freeholders don't slip any 'unnecessary'/ bad terms into the contract, or any unnecessary covenants into the freehold title.Flo87 said:...plus a covenant that requires me to insure the property with a specific company.
FWIW, there's legislation that overrides that term in leases. So you are free to insure with another insurer, even if you don't buy the freehold.
But you have to do stuff like serve notice on your freeholder.
0
Categories
- All Categories
- 338.9K Banking & Borrowing
- 248.7K Reduce Debt & Boost Income
- 447.6K Spending & Discounts
- 230.8K Work, Benefits & Business
- 600.9K Mortgages, Homes & Bills
- 171.1K Life & Family
- 244K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards
