Hi All
I'm in the process of buying a house which was advertised to me as freehold. The solicitor has found out that it's actually leasehold (104 years left on the lease, freeholder is Shef City Council). It's in Walkley/Upperthorpe area and was on the market for £165k.
The vendor isn't prepared to go to the council for the valuation to find out the cost of buying the freehold, as this is likely to take 8 weeks. He's offered me £5k reduction on the price.
My solicitor has quoted me £2k ish for the council's valuation and solicitor's fees to find out the cost of buying the freehold (which I will legally be allowed to once I've lived there fore two years). Does anyone have any idea whether the £5k seems like a reasonable reduction, or is it likely to come to more than that in total?
Thanks