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National Trust leasehold property for sale
Lettyx1
Posts: 19 Forumite
After years of looking, we have finally found a house that ticks all of our boxes…HOWEVER it is a leasehold owned by the National Trust with 80 YEARS left on a 99 year lease. We haven’t viewed it yet, I’m just researching online first and this seems like a massive red flag, but it’s a great house in a perfect location. There’s no mention of what the ground rent is in the advertisement. I realise this could be a great bargaining tool to drive the price down but is this a non-starter?! HELP!
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Well, none of us can tell you what the ground rent is either! Do you want to give us a clue about what the property is?1
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80 years is long enough to get a mortgage, but after a few years that will have dwindled, making it difficult for a buyer to mortgage and thus for you to sell on.Lettyx1 said:After years of looking, we have finally found a house that ticks all of our boxes…HOWEVER it is a leasehold owned by the National Trust with 80 YEARS left on a 99 year lease. We haven’t viewed it yet, I’m just researching online first and this seems like a massive red flag, but it’s a great house in a perfect location. There’s no mention of what the ground rent is in the advertisement. I realise this could be a great bargaining tool to drive the price down but is this a non-starter?! HELP!No reliance should be placed on the above! Absolutely none, do you hear?0 -
I suspect that the short lease is priced in.
That's why after years of searching you've suddenly found a seemingly perfect property that is in your price range.
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In general, with a leasehold house with a short lease, the advice would be to to use your statutory right to buy the freehold (or possibly extend the lease, but that's not so good with houses).
But with many National Trust properties, I believe you don't have the statutory right to buy the freehold or extend the lease.
So there's the risk the the house's value will drop, as the lease gradually gets shorter - and in 80 years it will be worth £0.
Maybe see what options the National Trust offer for extending the lease, and what the cost might be.
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They give some basic information on leasing from them on our website. It's a good starting point of you haven't already read it:
https://www.nationaltrust.org.uk/services/residential-and-farm-lettings/long-residential-leases
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Unless it's hundreds of miles way, go and look at it and ask the EA or NT representative all these questions, either at the time or as a follow-up email.0
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