Buying the freehold of a leasehold property

dr_bogenbroom

Hi,

Going to view a house next week that is possibly leasehold - it’s not so much the ground rent charge I dislike because it’s usually peanuts, I don’t like the idea of buying a house for hundreds of thousands and not owning the land it sits on and having to ask someone permission to do any alterations.

I’ve read buying out the ground rent is straightforward here in NI, but does that also mean you own the land?

Thanks

katejo

dr_bogenbroom said:

Hi,

Going to view a house next week that is possibly leasehold - it’s not so much the ground rent charge I dislike because it’s usually peanuts, I don’t like the idea of buying a house for hundreds of thousands and not owning the land it sits on and having to ask someone permission to do any alterations.

I’ve read buying out the ground rent is straightforward here in NI, but does that also mean you own the land?

Thanks

Did you mean the title of your question to be buying Leasehold?

qwert_yuiop

If you buy the freehold you own the land outright.
A leasehold property involves occupation of the land on a long lease, which gives the freeholder some measure of control over your use of the property. I used to live in a house on a 999 year lease off the old holywood road in Belfast. One of the conditions of the lease was that you couldn’t keep a horse or pigs in the garden. 

dr_bogenbroom

katejo said:

dr_bogenbroom said:

Hi,

Going to view a house next week that is possibly leasehold - it’s not so much the ground rent charge I dislike because it’s usually peanuts, I don’t like the idea of buying a house for hundreds of thousands and not owning the land it sits on and having to ask someone permission to do any alterations.

I’ve read buying out the ground rent is straightforward here in NI, but does that also mean you own the land?

Thanks

Did you mean the title of your question to be buying Leasehold?

I’ve amended the title.

dr_bogenbroom

qwert_yuiop said:

If you buy the freehold you own the land outright.
A leasehold property involves occupation of the land on a long lease, which gives the freeholder some measure of control over your use of the property. I used to live in a house on a 999 year lease off the old holywood road in Belfast. One of the conditions of the lease was that you couldn’t keep a horse or pigs in the garden.

That’s no bother I tend to keep my horses and pigs at my in-laws and the own the freehold of their property. 

qwert_yuiop

Big garden? Horses and pigs don’t do well together.

dr_bogenbroom

qwert_yuiop said:

Big garden? Horses and pigs don’t do well together.

Ah sod it - rather than have a long face I’ll go the whole hog and buy a field instead!