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Buying a leasehold.

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A lease that has 800 years to run will be expensive,for example if the groundrent is £10.50 per year like mine was it would be £10.50 x 800. You will generally have to pay the lease in full, - the land owners details will be on the deeds - he should have that anyway, but the collector of the groundrent will know.

 

Not at all. There is no fixed formula for the price. It is just negotiation between the 2 parties. In fact the longer the lease, the cheaper the price as it costs so little each year it is not worth paying much for the freehold. It is only when there is not much time left on the lease that people become worried and pay more for the freehold.

 

Your son has a 'right to buy' - even if he cannot find who is the freeholder. I have the same problem. My freeholder has died and does not seem to have left his estate to anyone. Nevertheless as long as I can prove I have tried to find out who now may own the land I can apply to a judge to buy the freehold. So I have rung the lease advice centre, spoken to an official who went into the freeholders home after he died and tried to find his will, and spoken to the dept. of the treasury solicitor - all to no avail, so now I am going to apply for the freehold

 

If you are in any doubt ring the lease advisory service to get the facts as I did.

http://www.lease-advice.org

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According to this site:

It is not correct just to multiply the ground rents by the remaining years of the term.

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Vision, if the owner of your lease died intestate, it will presumably have reverted to the Crown and I think you should still be able to buy it off them.

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A lease that has 800 years to run will be expensive,for example if the groundrent is £10.50 per year like mine was it would be £10.50 x 800. You will generally have to pay the lease in full, - the land owners details will be on the deeds - he should have that anyway, but the collector of the groundrent will know.

 

The price for buying the freehold should 10.50 x 12 =126 pounds.

You can get the LVT 2007 price for a leasehold house in Sheff from the xxx.rpts.gov.uk - click on decisions and then click on LVT and Northern to get to recent decision on Sheff.

 

I used xxx but you should type www instead.

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I will second that Lease are a fantastic agency.

 

Its very specialised advice regarding leases so best to speak to them, think they are open Mon-Fri something like 9am - 3pm (from memory!). You can also email them a query.

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