Leasehold house - advice?

Wrong again! Enfranchising usually involves cajoling an unwilling freehold reversioner into selling by enforcement of statutory rights [Leasehold Reform Act 1967] and, often, a detour via the ruinously expensive Leasehold Valuation Tribunal.

http://www.lease-advice.org again it's one of those things you can do yourself I would have thought, like conveyancing and probate, both of which I've done myself, and many other things a solicitor will shroud in mystery, but which are quite straight forward actually.

I would have thought that they might be straightforward if you're lucky with your circumstances - but if there's anything about the case which isn't bog-standard then you really need a trained, experienced professional to do the job properly.

But enfranchising is never 'straightforward'. In any case, enfranchising a leasehold house in mortgage will also involve the mortgagee (lender). Whether the leaseholder/mortgagor acts for self or not, the mortgagee will insist on instructing a solicitor at the cost of the leaseholder/mortgagor.

But enfranchising is never 'straightforward'. In any case, enfranchising a leasehold house in mortgage will also involve the mortgagee (lender). Whether the leaseholder/mortgagor acts for self or not, the mortgagee will insist on instructing a solicitor at the cost of the leaseholder/mortgagor.

I could have guessed they would, and ridiculously, if it's anything like conveyancing it can be one and the same person, getting 2 lots of fees from their clients. Bless

Oddly, mortgagees never agree to pay their own fees as a client- they heap all the costs onto the benighted mortgagor (borrower).

Hi, I have gone through this thread from the beginning and realise parts of it are old but I wanted to know why people are soo afraid of leaseheld properties?

I bought my house May 2010, it was a leaseheld property and I didn't have a problem with that as it was the right house for me.

Decided to move summer 2011, accepted an offer October 2011. Then on Christmas Eve, they pulled out of the sale saying the lease was too short at 75years remaining!

They felt this would be a problem when they came to re-sell! After my solicitor investigated it turned out that she had at least 25years before anything needed to be done.

I couldn't have bought the freehold as I had not owned the property for long enough and getting a lease extension at that late stage in the game was impossible!!

Gutted we are back to square one with our house back on the market! Hopefully it will all work out in the end.

But for those of you out there looking for a home, don't rule out leasehold properties, they are no different and you always have the option to extend or purchase the freehold when you've been there a while. The only bit to bear in mind is that most mortgage providers require 25years remaining on the lease upon full re-payment of the mortgage.

Good luck x

Theres a perrrrrrrfect place in the middle of London. It's just perfect but I really do not want to buy it on leasehold because I know Im not going to be living there when I have children etc and I don't know when I will decide to move out; and there is no way I am renting. I just want to know this is MY house you know? How can I convince the seller to change to freehold?

Hi, I have gone through this thread from the beginning and realise parts of it are old but I wanted to know why people are soo afraid of leaseheld properties?

 

I bought my house May 2010, it was a leaseheld property and I didn't have a problem with that as it was the right house for me.

 

Decided to move summer 2011, accepted an offer October 2011. Then on Christmas Eve, they pulled out of the sale saying the lease was too short at 75years remaining!

 

They felt this would be a problem when they came to re-sell! After my solicitor investigated it turned out that she had at least 25years before anything needed to be done.

 

I couldn't have bought the freehold as I had not owned the property for long enough and getting a lease extension at that late stage in the game was impossible!!

 

Gutted we are back to square one with our house back on the market! Hopefully it will all work out in the end.

 

But for those of you out there looking for a home, don't rule out leasehold properties, they are no different and you always have the option to extend or purchase the freehold when you've been there a while. The only bit to bear in mind is that most mortgage providers require 25years remaining on the lease upon full re-payment of the mortgage.

 

Good luck x

There are two 'hurdles'

A. 80yrs. Below this lease length, a statutory "marriage value" enhances the freehold reversion's value and- consequently- what the leaseholder has to pay when either buying a lease extension or buying the whole building's freehold reversion.

B. 70yrs. This is the usual 'floor' lease length for mortgagees adopting the Council of Mortgage Lenders' Handbook rules.

Theres a perrrrrrrfect place in the middle of London. It's just perfect but I really do not want to buy it on leasehold because I know Im not going to be living there when I have children etc and I don't know when I will decide to move out; and there is no way I am renting. I just want to know this is MY house you know? How can I convince the seller to change to freehold?

Answer: if the vendor [V] has owned it for a minimum of two years, make your offer conditional on V:

a. serving an appropriate Notice of Claim on the reversioner [L]; and

b. assigning to you (on completion) the benefit of that Notice.

This applies whether it's a house or a flat [but not to commercial premises].