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Cant buy Freehold - Developer gone Bust - Ground Rent Demands
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Is this a house or a flat? Is it a 'share of freehold' that's on offer? IF so, then you'd likely still need to seek permission to extend as other properties would be affected. In any case likely easier to seek permission than battle with trying to buy the freehold.chezzzer said:...I would like to not have to pay ground rent every year, and leave my property to my child and they not have to pay ground rent.I'd also like to extend and would this be effected?
Re ground rent, the £50 is fairly low and the calculation for the cost to buy freehold would essentially be the sum of the future annual ground rents. So you could just save that money in an account and you or your son withdraws £50 each year from that.0 -
A Detached House - I'd like to buy the whole freehold. I think i will just save the money and pay when they chase me - thank you1
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chezzzer said:A Detached House - I'd like to buy the whole freehold. I think i will just save the money and pay when they chase me - thank you
If the ground rent is fixed at £50 per year - the freehold should cost about £1000 plus legal fees.
So in the short term, you're having to find less money.
But maybe you want to save towards buying the freehold when everything is sorted out.
With new laws planned, the legal fees you have to pay might be less, but unfortunately, the cost of the freehold might increase!
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