Specialist in purchasing the freehold

eddddy

20122013 said:

As I am seeling so I need to get at one quote for the lease extension and ; one for buying the freehold so there is information for the buyer.

It feels a bit like we're going round in circles. I'll try to be a bit more blunt...

• DON'T get a quote for a lease extension. Based on what you've said, it's a pointless thing to do. 

• If you want to, ask a RICS valuer for an estimate of the cost for buying the freehold

• DON'T ask your freeholder's solicitor for a quote for legal fess for extending the lease or buying the freehold. It's a pointless thing to do.

• DON'T ask your solicitor for a quote for legal fess for extending the lease or buying the freehold. it's a pointless thing to do.

• DON'T bother finding out about disbursements

I'm really not sure what's going so badly wrong here, you have said...

• You say you own a house
• Your freeholder understands that you own a house
• All the solicitors you've contacted think you own a flat
• All the estate agents you've contacted think you own a flat

What's causing all this confusion? 

When you contact them, are you clearly saying "my house" as opposed to "my property"?


If you decide to get a RICS valuer to value the price of the freehold, maybe agree that the valuer should explain everything to the estate agent - so that everyone understands.

20122013

eddddy said:

20122013 said:

As I am seeling so I need to get at one quote for the lease extension and ; one for buying the freehold so there is information for the buyer.

It feels a bit like we're going round in circles. I'll try to be a bit more blunt...

• DON'T get a quote for a lease extension. Based on what you've said, it's a pointless thing to do. 

• If you want to, ask a RICS valuer for an estimate of the cost for buying the freehold

• DON'T ask your freeholder's solicitor for a quote for legal fess for extending the lease or buying the freehold. It's a pointless thing to do.

• DON'T ask your solicitor for a quote for legal fess for extending the lease or buying the freehold. it's a pointless thing to do.

• DON'T bother finding out about disbursements

I'm really not sure what's going so badly wrong here, you have said...

• You say you own a house
• Your freeholder understands that you own a house
• All the solicitors you've contacted think you own a flat
• All the estate agents you've contacted think you own a flat

What's causing all this confusion? 

When you contact them, are you clearly saying "my house" as opposed to "my property"?


If you decide to get a RICS valuer to value the price of the freehold, maybe agree that the valuer should explain everything to the estate agent - so that everyone understands.

My posts did not mean to cause any confusion

I have been stating that my property is a Leasehold terrace house and I want to purchase the freehold from the Freeholder.   (Please bear in my that none of these people are solicitors)

Originally I was going to extend the lease as it may be 'easier' to sell but then I found out  the option to buy the Freehold
However, today I have learnt that,  if I sell the property before the Freehold purchase is completed, that there will be not much financial gain, as it will still be deem as a Leasehold property.

The reason why I was looking for quotes for : (1) extending the lease and (2)  buying the freehold as the agent said that the buyers will want these information but I think  the exact figure may not be necessary and I can give a guide price?

Good idea to get someone else to explain it to the estate agents

eddddy

As I've said, the exact price for extending the lease is £0.


That's what the law says.

eddddy

Under the Leasehold Reform Act 1967 (‘the 1967 Act’)  the owner of a leasehold house may be entitled to a statutory lease extension of 50 years. In this case, there is no premium (price) to pay for a lease extension of a house. 


Link: https://www.lease-advice.org/faq/i-cant-afford-to-buy-the-freehold-of-my-house-can-i-extend-my-lease-instead/

...................

20122013

I am looking to purchase the freehold of my leasehold house and does anyone had any experience using (option 1) one firm to complete the whole process (a solcitor and surveyor working in the same firm) or  (option 2) using two separate firms who are currently working with my Freeholder on buying the Freehold but on a different estate.

Option 1 claims that they do a 'lot of' leasehold extensions and have done some 'freehold purchases' but have not worked with my Freeholder before.  Their fees seem to be 30% less than Option 2.They are very quick to get to the point and seem to know how to speed up the process by offering more money to the Freeholder. This firm has 2 surveyors and 1 solicitor (each has over 20 years experience in their field and the surveyor I have spoken with seem to have less attention to detail as I would need but seems to have some all good reviews albeit 9 reviews in total

Option  2.  

The survey had been completed and now the solicitor is processing the next steps which this has taken over 12 months, when I spoke to the solicitor she does not seem to have any memory of the Freeholder nor the work is still on going which I find a bit odd, she did eventually remember after I gave her further details  - should I be alarmed?

I am asking as the Freeholder (a private company) does not seem to be familiar with the ease enfranchisment (partly due to unexpected change within their team).

Are there any benefits to instruct 2 separate firms ? I am thinking if I do, they will have more shared knowledge and resources. However, in reality, I have rarely experience a different colleague will take over another's colleague's work,  so maybe this is point is irrelevant ?