LeaseholdTitles
Discussion
Hello all,
Can anyone explain the difference between:
Good Title
and
Absolute Title
...in terms of leasehold?
I'm looking to buy a 2nd property that seems very very well priced compared to similar in the area. However, it appears the current vendor only has 'Good' as opposed to 'Absolute' title (I know, if its too good to be true etc...).
I consider fair market value on the property to be around £180 - £190k when compared to others of a similar size/location. The sale is ready to go at £137,000...I'm guessing due mainly to the title situation (the structural survey has not brought up any other gremlins).
This would be a 2nd home, with the opportunity of holiday lets (obviously the income return would not be effected by the leasehold situation, something to bear in mind).
I appreciate that I would need to consider the resale value accordingly when I come to sell, due to the leasehold...but the bottom line is that the size and location are great and the enjoyment/benefits of using/renting the property in the time I own it will be no different regardless of the leasehold situation.
Also, I'm looking at knocking walls down...would the leasehold situation have any effect on this?
My solicitor is looking into all of this, but thoughts would be apprecited please...
Can anyone explain the difference between:
Good Title
and
Absolute Title
...in terms of leasehold?
I'm looking to buy a 2nd property that seems very very well priced compared to similar in the area. However, it appears the current vendor only has 'Good' as opposed to 'Absolute' title (I know, if its too good to be true etc...).
I consider fair market value on the property to be around £180 - £190k when compared to others of a similar size/location. The sale is ready to go at £137,000...I'm guessing due mainly to the title situation (the structural survey has not brought up any other gremlins).
This would be a 2nd home, with the opportunity of holiday lets (obviously the income return would not be effected by the leasehold situation, something to bear in mind).
I appreciate that I would need to consider the resale value accordingly when I come to sell, due to the leasehold...but the bottom line is that the size and location are great and the enjoyment/benefits of using/renting the property in the time I own it will be no different regardless of the leasehold situation.
Also, I'm looking at knocking walls down...would the leasehold situation have any effect on this?
My solicitor is looking into all of this, but thoughts would be apprecited please...
Edited by Burnham on Saturday 21st November 19:21
Leasehold can sometimes be a pain the a**e.
The house we live in now was leasehold,so I approached the agent handling the fees to see if they would sell the lease,knowing it was costing more to administer than the amount payable.
They refused and also wanted £2000 to give permission to alter the house,six months later I was then offered the freehold for £2500, I refused their offer stating they had had enough money for doing sod all.
They did eventually settle for me paying their legal costs,including my own this came to about £1200.
The house we live in now was leasehold,so I approached the agent handling the fees to see if they would sell the lease,knowing it was costing more to administer than the amount payable.
They refused and also wanted £2000 to give permission to alter the house,six months later I was then offered the freehold for £2500, I refused their offer stating they had had enough money for doing sod all.
They did eventually settle for me paying their legal costs,including my own this came to about £1200.
Gassing Station | Homes, Gardens and DIY | Top of Page | What's New | My Stuff