coops
23-02-2007, 04:33 PM
have just recieved a survey on a terraced house in Stannington and it states it is leasehold. is this normal for this area? i thought leasehold were usually for flats. Obviously it may affect being able to resell it so we don't really want to go ahead if its going to be a real hassle in the future! Anyone else come across this?? Is it something to worry about?!
It's nothing to worry about - the leases last for YEARS!
The only thing will be a bit of ground rent, which will be a drop in the ocean compared with other costs!
wadsleyblade
26-02-2007, 12:46 PM
Dont worry about it, many houses are leasehold. make sure the lease has longer than 99 years to run so u have no problems with the mortgage company. Find out the ground rent payable , as fore mentioned above. Older houses often have a peppercorn rent of 2 or 3 quid, newer ones may be a bit higher- just ask. Some leases have restrictions on putting up extensions or doing other alterations etc. always have your solicitor check the lease.
Leasehold is very common in sheff. If youre worried about it u can always ask to negotiate and purchase the freehold from the leaseholder. this is best done at time of purchase to save on conveyancing/ land registry fees etc.