Help regarding leasehold house

[voovon 10]

Had an offer accepted on a house but just found out from the land registry website, the house is stated as leasehold.

 

The brochure and the estate agents never mentioned the tenure so just presumed it was freehold but am I right in thinking that leasehold is fine as long as there is enough years on it?, and if selling it on I could always purchase the freehold?

 

It doesn't state how long is left on the lease. is there an easy way for me to find out how long is left on the lease?

 

Any advice from those in the know would be helpful.

Edited August 21, 2013 by voovon

[Ducky1 10]

Your solicitor should find out how long is left on the lease and your mortgage company will not give the mortgage unless there is a certain length of time left. (I think there was only about 30yrs left on the one we bought) Yes you can purchase the leasehold but you can also extend it. If there is only a short lease left the current occupier should either buy/extend otherwise I believe the mortgage company will not release the money. Most of the houses on my road have only got short leases and the sales always either take a long time to go through or the sale falls through. We purchased ours about 5yrs ago and it cost £3,000 but our neighbour extended her and that cost £1,800.

Hope this helps

[voovon 10]

Thanks for your reply Ducky1, you've been very helpful.

[kidley 48]

dont think you can automatically buy the lease not everybody can, i know alot of houses where you cannot buy the lease, so does want looking into. Good Luck.

[voovon 10]

Thanks Kidley for your kind reply.

[poppet2 13]

Had an offer accepted on a house but just found out from the land registry website, the house is stated as leasehold.

 

The brochure and the estate agents never mentioned the tenure so just presumed it was freehold but am I right in thinking that leasehold is fine as long as there is enough years on it?, and if selling it on I could always purchase the freehold?

 

It doesn't state how long is left on the lease. is there an easy way for me to find out how long is left on the lease?

 

Any advice from those in the know would be helpful.

 

But why is the house leasehold, it is usually flats that are leasehold.

[Jeffrey Shaw 90]

dont think you can automatically buy the lease not everybody can, i know alot of houses where you cannot buy the lease, so does want looking into.

1. As advised, first find out its unexpired length.

2. If it's >100yrs., there's no urgent need to 'enfranchise' [= buy the freehold reversion and any intermediate estates too].

3. Yes, a leaseholder does have a legal right to enfranchise BUT only once the leasehold's been owned for at least two years.

4. However, if you do need to enfranchise, you can do a deal with V, so:

a. a Notice of Claim is served by V on the reversioner or reversioners ('F');

b. V's contract with you requires V to assign the Notice's benefit to you when you complete purchase;

c. on completion, V not only transfers to you the existing leasehold but also assigns to you the Notice's benefit; and

d. your solicitor notifies L of that assignment.

5. Result: you can start the enfranchisement procedure at once, without waiting the two years.

 

---------- Post added 22-08-2013 at 17:02 ----------

 

But why is the house leasehold, it is usually flats that are leasehold.

True; but in Sheffield (and other early-industrialised areas) houses are more often than not leasehold too.

Edited August 22, 2013 by Jeffrey Shaw

[kidley 48]

Jeffrey

 

If you can buy the lease on my house i will employ you today, my house was built 2003 and i and others cannot under any circumstances buy the lease, and others are the same near me who's properties are 40-50-60 years old, so i must say you are wrong in saying a sweeping statement as below.

 

Yes, a leaseholder does have a legal right to enfranchise BUT only once the leasehold's been owned for at least two years.

 

My Bold

 

ime afraid your statement above does not apply to every house lease far from it

[sedith 19]

But why is the house leasehold, it is usually flats that are leasehold.

A lot of Sheffield is leasehold, its a nightmare and I wouldn't touch one! People buying my house hit problems as there was only 67 years left on the leasehold. In the end the sale fell through and I had to buy the freehold at a cost of £4.5k

Edited August 22, 2013 by sedith
change of tense

[Jeffrey Shaw 90]

If you can buy the lease on my house i will employ you today, my house was built 2003 and i and others cannot under any circumstances buy the lease, and others are the same near me who's properties are 40-50-60 years old

Eh? Don't you yourself already own the lease?

Yes, I agree that there a few- very few!- exceptions to the Leasehold Reform Act 1967 as amended. Some are:

a. if the freehold reversion is owned by one of certain charities; or

b. if it's a historic and therefore protected area of national significance; or

c. for very large, expensive houses; or

d. if it's not a house but a flat (inc. maisonette).

 

See the Act http://www.legislation.gov.uk/ukpga/1967/88/contents

The exceptions pop-up in sections 1/1A/1AA/1B/17/18/28 or for a Shred Ownership Lease.

Edited August 22, 2013 by Jeffrey Shaw

[kidley 48]

Glad you agree Jeffery

 

I and many others where i live come under 'a' on your list

[Jeffrey Shaw 90]

Glad you agree JeffREy

 

I and many others where i live come under 'a' on your list

OK. But it's still possible to try and negotiate a non-statutory transaction even where there's no statutory entitlement.