buying freehold property from Shenstone

Melons12345

we paid off our mortgage 5 years ago, we pay Shenstone £5.00 a year ground rent, 3 bedroom semi detached property,  roughly how much would it be to buy the freehold,  we have lived in the house since June 1988 thanks

born_again

Logic says ask Shenstone. As they are the ones you will be paying.

eddddy

As it's a £5 a year ground rent - I'm guessing you have a very long lease. Maybe 800 years plus.

If that's correct, a tribunal would value the freehold at around £100.

But if you bought the freehold through a tribunal, currently you have to pay your legal fees and your freeholders legal fees - that might be £1.5k to £2k in total.


So freeholders will sometimes do a deal and offer you a price of, say, £500 for the freehold, and say, £400 for their fixed legal fee. (And you have to pay your own legal fees on top.)


(When the leasehold reforms are put into effect - maybe in 18 months time - you should no longer have to pay your freeholder's legal costs. Just your own.)