karenlkr   10 #1 Posted July 30, 2009 the land of my house is leasehold, the current lease will expire in 2066, with annual rent 180 pounds.  the land owner give me the chance to buy the land freehold, but didn't give me an asking price.  I'm wondering how much shall I pay for it? is it wise to buy it freehold now? Share this post Link to post Share on other sites Share this content via...
1960boy   10 #2 Posted July 30, 2009 There is a legal figure,i think it is 20 times the ground rent.I did here that southerners won't buy without freehold.After that i don't know,i won't bother..i'll be long gone. Share this post Link to post Share on other sites Share this content via...
Hetty   12 #3 Posted August 4, 2009 Buying freehold can be very expensive!! You have to pay 15(?) times the cost of the groundrent, plus your legal fees and the leaseholders too!! That said, my house was leasehold, and because nobody had collected the ground rent for years, when I came to sell it, I had to take out an indemity costing £250, because nobody knew where to send the ground rent money too! Share this post Link to post Share on other sites Share this content via...
DavidRa   10 #4 Posted August 4, 2009 the land of my house is leasehold, the current lease will expire in 2066, with annual rent 180 pounds. the land owner give me the chance to buy the land freehold, but didn't give me an asking price.  I'm wondering how much shall I pay for it? is it wise to buy it freehold now? Your lease expires in 57 years and it would certainly put some purchasers off buying your property, with a relatively short lease and in a number of years you will not be able to get a mortgage on the property. Share this post Link to post Share on other sites Share this content via...
natjack   10 #5 Posted August 4, 2009 (edited) Snatch his hand off. It's not economically all that good a deal but it's well worth it from the ownership and buying and selling aspect, imo. It can be 10-15 years value, plus the legal fees,but maybe he's willing to negototiate on the amount. Far better than allowing it to fall into the hands of one of these ground rent owning companies, who can legally rob your eyes out if you're not careful. There's a thread on here about this somewhere*  ETA: I'd be especially keen to buy in regard to how little time there is left on the lease. I think you'd find it hard to sell at a decent price with less than 100 years left on the lease. *This is the one I was thinking of ... http://www.sheffieldforum.co.uk/showthread.php?t=8757&highlight=leasehold Edited August 4, 2009 by natjack Share this post Link to post Share on other sites Share this content via...
workfornowt   10 #6 Posted August 7, 2009 phone a solicitor,there is a formula for buying freehold,its 5 or 7 years occupancy,so if you bought off a landlord ie the council or housing association,your rental period counts,it will make adifference to your property value,and if you live any where near a proposed scheme that may involve compulsory purchase,(roads ect)the its the land thats valuable Share this post Link to post Share on other sites Share this content via...
topflat29   10 #7 Posted August 16, 2009 LEASE can give advice on cost of buying the freehold.  http://www.lease-advice.org  You can download a publication on "Houses - buying the freehold for a leasehold house". Share this post Link to post Share on other sites Share this content via...
topflat29   10 #8 Posted October 12, 2009 This LVT decision may help :  http://www.rpts.gov.uk/Indexes/MAN_LV_HEL_00BM_2009.htm  LVT Case Ref: MAN/00BM/OAF/2008/0043 Share this post Link to post Share on other sites Share this content via...