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Buying your house freehold
davecarr
Posts: 3 Newbie
A friend is trying to buy the freehold of her house, When she enquired about 5 years ago was offered it for about £2000, but the letter accidently enclosed by the valuer to the land owner suggested this was too much to ask, but as my friend couldn't afford even that price at the time the matter was left. The request this time has been offered at £14000 but only if accepted within 7 weeks otherwise it will be increased. Does anyone know a way of reducing it or were she can get advice.
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A key piece of information is the length of the lease. Once leases are shorter than 80 years the price to buy the freehold will include a "marriage value" to share the benfit to the leaseholder of owning the freehold. If the lease is more than 80 years there is no marriage value.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Lease is 48 years - the house is a small semi - £14,000 seems a very great deal for a freehold to me when £1000 to £2000 was on offer 5 years ago0
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Lease is 48 years - the house is a small semi - £14,000 seems a very great deal for a freehold to me when £1000 to £2000 was on offer 5 years ago
Maybe the property has increased in value?
Or the freeholder is now aware that, with less than 50 years on the lease, it will be very difficult to raise a mortgage on the place and so can charge a premium. Either way there is little point harking back to an offer made years ago which is no longer available.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Can they ask what they like, is there a set charge or ombusman etc?0
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Diggin around it seems that you can get the lease extended for an independently decided valuation, buying the freehold will require negotiation.
Have a read here:
http://england.shelter.org.uk/advice/advice-2923.cfm
and here:
http://www.lease-advice.org/levaframe.htmI'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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