What is my best option

Beatle_Ray

I own my own business but the income is starting to drop off and although I'm just about managing the situation i have just turned 63 and don't really want to work for ever so my thoughts are turning to selling the house and downsizing, basic info is that the house is worth approx £465K and i owe £62,000 on the mortgage, its a three bed bog standard house in the shires, i think i could get a 2 bed flat for about £315K leaving approx £85K in equity, that's fine but its been a long time since i have owned a flat which will be the most likley style of property i'd buy, generally speaking what is average for ground rent and are there other costs involved, maintenance fees possibly and generally what do they tend to be and also what is the average house sale time these days, appreciate there will be so many variables and some of these questions will be difficult to answer but thanks in advance

Brie

How long is a very elastic piece of string?  

Costs will vary between properties dependent on how/when the freehold was set up and what escalations are allowed.  If there's a management company, if there are shared facilities of any sort, neighbourhood, age etc. 

Big thing around our area is lack of parking and new builds essentially not having any or just very few.  So that's going to be an extra cost if you have a car.  There's a proposal for a office block being converted to flats and planning suggests there will be 5 parking spaces for about 100 flats.  And this isn't in London where there's good public transport!!

RedFraggle

It varies wildly. I'm share of freehold so no ground rent and service charge of less than £100 pcm.
Things that push up service charges include:
Lifts
Concierge services 
Gym
District heating 

EssexHebridean

First question is do you actually want to live in a Leasehold flat, after having been in a freehold (I presume) house? Having moved from the former to the latter over the last few years, you couldn't pay me enough to go back again! 

ReadySteadyPop

Beatle_Ray said:

I own my own business but the income is starting to drop off and although I'm just about managing the situation i have just turned 63 and don't really want to work for ever so my thoughts are turning to selling the house and downsizing, basic info is that the house is worth approx £465K and i owe £62,000 on the mortgage, its a three bed bog standard house in the shires, i think i could get a 2 bed flat for about £315K leaving approx £85K in equity, that's fine but its been a long time since i have owned a flat which will be the most likley style of property i'd buy, generally speaking what is average for ground rent and are there other costs involved, maintenance fees possibly and generally what do they tend to be and also what is the average house sale time these days, appreciate there will be so many variables and some of these questions will be difficult to answer but thanks in advance

Not worth selling it, while the income is there pay off the mortgage debt and live rent/mortgage free while you focus on creating new income, is a lodger or renting part of the house feasible?

youth_leader

My aunt lives in a house split into three flats, she has the single bedroomed ground floor flat.  She has just spent £10K extending the lease, do look at the length being offered.  Her maintenance charge is £80 per month, her ground rent £10 p.a.