Buying freehold - currently leasehold
Buying freehold - currently leasehold
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Discussion

aclivity

Original Poster:

4,072 posts

218 months

Wednesday 14th January 2015
quotequote all
I'm wondering about buying the freehold of the land that our house is on - lots of information about "how" to do it, just wondering "why"?

We have the remainder of a 999 year lease on our house - from some time in 1982. The mortgage was paid off last year. The cost of the leasehold is £50 per year, so no massive costs included.

Any views on this - is it worth doing?

TheForceV4

543 posts

217 months

Wednesday 14th January 2015
quotequote all
aclivity said:
I'm wondering about buying the freehold of the land that our house is on - lots of information about "how" to do it, just wondering "why"?

We have the remainder of a 999 year lease on our house - from some time in 1982. The mortgage was paid off last year. The cost of the leasehold is £50 per year, so no massive costs included.

Any views on this - is it worth doing?
I guess the main thing is that is yours 'forever' so to speak. So if you're handing it down from generation to gerneration it makes sense.

Are you planning on being there for good? Do you want to build on it?

aclivity

Original Poster:

4,072 posts

218 months

Wednesday 14th January 2015
quotequote all
TheForceV4 said:
I guess the main thing is that is yours 'forever' so to speak. So if you're handing it down from generation to gerneration it makes sense.

Are you planning on being there for good? Do you want to build on it?
Being here forever? I don't tend to think like that! I have no plans to move out - may decide to one day, I suspect?

It's not really large enough to build on, without knocking my house down.

TheForceV4

543 posts

217 months

Wednesday 14th January 2015
quotequote all
This is true!

Who owns the freehold do you know and are they willing to sell it I guess would be the next question.

aclivity

Original Poster:

4,072 posts

218 months

Wednesday 14th January 2015
quotequote all
TheForceV4 said:
This is true!

Who owns the freehold do you know and are they willing to sell it I guess would be the next question.
I think it is owned by a large property style company based up in the lakes. I say "large", I know they own the land my house is on, and my friends house (who lives about 15 miles away) so - unless they only have two bits of land - I suspect it is large.

Cheib

25,430 posts

205 months

Wednesday 14th January 2015
quotequote all
It does in theory add to the value of the property....also if you ever wanted to extend your house you would need permission from the freeholder probably (depending on your lease).


megaphone

11,692 posts

281 months

Wednesday 14th January 2015
quotequote all
Yours is a house on lump of land, not a flat or maisonette? No other property above or below? If it's a sensible price then I'd say go for it, it will probably make it easier to sell you house when you want to, I would be put off buying a house on a leasehold.

aclivity

Original Poster:

4,072 posts

218 months

Wednesday 14th January 2015
quotequote all
I found a website that says I should write and "make an offer" - is this something anyone has tried? I could make an offer of 10 times the annual cost (so £500) but I don't know if that is the way it is valued! Do I have to get a valuation from ... well, not sure who I'd ask to value it?

jdw1234

6,021 posts

245 months

Wednesday 14th January 2015
quotequote all
http://www.lease-advice.org/information/faqs/#Hous...

All you need here.

I would buy it out of principal.


jdw1234

6,021 posts

245 months

gregf40

1,114 posts

146 months

Wednesday 14th January 2015
quotequote all
TheForceV4 said:
I guess the main thing is that is yours 'forever' so to speak. So if you're handing it down from generation to gerneration it makes sense.
I don't plan on worrying about 30 generations time!

Burrow01

1,986 posts

222 months

Wednesday 14th January 2015
quotequote all
megaphone said:
Yours is a house on lump of land, not a flat or maisonette? No other property above or below? If it's a sensible price then I'd say go for it, it will probably make it easier to sell you house when you want to, I would be put off buying a house on a leasehold.
This - leasehold houses are pretty rare, and will probably involve more solicitors costs for a potential buyer, which I suspect would put your property below a similar freehold property in most peoples prospective house lists

Sir Bagalot

7,107 posts

211 months

Thursday 15th January 2015
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Remember that if you buy the freehold you also have the freeholders legal fees to pay