Leasehold property - landlord trying to sell Freehold

Georgie1410

I've lived in my terraced house 30yrs and have just paid off the mortgage. I have received a letter from a legal company stating the 'landlord wants to sell the freehold, at such an amount. I don't want to buy the leasehold. With legal fees etc its not worth it to me, the leashold has 800years left. Any advice for me, could she be selling to others on my road. I've never heard of something like this.

Georgie1410

I'm presuming it's because I've just paid off my mortgage.

eddddy

Georgie1410 said:

I'm presuming it's because I've just paid off my mortgage.

The landlord won't be selling the freehold because you've paid off your mortgage. That doesn't impact the landlord in any way. It will just be coincidence.

Georgie1410 said:

Any advice for me, could she be selling to others on my road. I've never heard of something like this.

It's vey possible that your landlord is trying to generate some cash by offering to sell a freehold to every leasehold house owner.

I'm guessing that your ground rent is very low and there is no service charge, so the freehold is has no real value for your landlord.

Perhaps the main reason you might want to buy the freehold is to get rid of (some or all) covenants in your lease. For example, does your lease say things like you need your landlord's consent for alterations, to keep pets, or to sub-let? Or maybe your lease bans things like running a business.

Buying the freehold will usually mean that you no longer have to follow those rules.

gwynlas

Buying the freehold should be quite cheap in these circumstances perhaps it is worth asking how much it would cost.

Neil49

I concur with the comments above. Buying the freehold could be a good idea particularly if you ever come to sell up in the future. 

badmemory

I bought mine with what would have been the next mortgage payment once that had gone.  Virtually all my neighbours have now also.  People are getting bigger negative attitudes to leasehold so as already said it could be a good idea if you ever want to sell.

Georgie1410

Really, I'm surprised. It has an 800yr lease - to be honest I havent paid it for a few years. I just forget, because it comes in a letter from a solicitor and I just forget about it.
Its a small 2 bed terraced, I can't imagine anyone needing any planning  permissions for anything. But I am going to check with neighbours - see what they're doing/hearing.

QrizB

Georgie1410 said:

Really, I'm surprised. It has an 800yr lease - to be honest I havent paid it for a few years. I just forget, because it comes in a letter from a solicitor and I just forget about it. 

If you've not paid the lease, you might forfeit the property. Best catch up with any missed payments ASAP.

Tabieth

Georgie1410 said:

Really, I'm surprised. It has an 800yr lease - to be honest I havent paid it for a few years. I just forget, because it comes in a letter from a solicitor and I just forget about it.
It’s a small 2 bed terraced, I can't imagine anyone needing any planning  permissions for anything. But I am going to check with neighbours - see what they're doing/hearing.

Definitely pay what you owe as a matter of urgency! You risk losing your home if you didn’t. 

And I’d also buy the freehold. When I was house hunting I wouldn’t consider a leasehold house. I wouldn’t even look at them on Right Move, let alone view them or give them any consideration. (That was the case regardless how long was left on the lease.) I’m not alone in that regard, many buyers won’t consider leasehold houses. Owning the freehold gives you many more potential buyers if you come to sell. 

jimbog

Pay it asap. Also if you don’t buy the lease someone else will. 

user1977

Most people would sit up and pay attention if they got a letter from a solicitor telling them they had to pay a bill...