Advice sought on purchasing freehold from sheff council

[geared 316]

I don't think thats particularly bad to be honest, that is all the costs involved total or just the money they want?

Edited January 10, 2019 by geared

[Shafeeq 0]

On 10/01/2019 at 10:38, geared said:

I don't think thats particularly bad to be honest, that is all the costs involved total or just the money they want?

They are the Council's costs.  I am guessing there might be some additional costs if I need to seek professional advice?  But even if the total cost is £1,200, that equates to 600 years of paying £2 per year, so where is the sense in that?

 

 

[Hippogriff 10]

19 hours ago, Shafeeq said:

They are the Council's costs.  I am guessing there might be some additional costs if I need to seek professional advice?  But even if the total cost is £1,200, that equates to 600 years of paying £2 per year, so where is the sense in that?

 

 

That's just their legal costs. It's not including the price of the freehold (freehold reversion) itself. The total cost to you would also include your own costs plus the cost of the thing you actually want to acquire. Where is the sense in it? Well, the sense is that you own it, then, not some other party. However, if you are talking hundreds of years then you can see the sense in sticking to what you have today. In shorter timeframes it can be imperative you do something about it, or if you want to make alterations that are expressly forbidden, or require the approval of the freeholder... then it might start to make sense too. Doing it for the sake of doing it doesn't often make that much sense.

[Shafeeq 0]

3 hours ago, Hippogriff said:

That's just their legal costs. It's not including the price of the freehold (freehold reversion) itself. The total cost to you would also include your own costs plus the cost of the thing you actually want to acquire. Where is the sense in it? Well, the sense is that you own it, then, not some other party. However, if you are talking hundreds of years then you can see the sense in sticking to what you have today. In shorter timeframes it can be imperative you do something about it, or if you want to make alterations that are expressly forbidden, or require the approval of the freeholder... then it might start to make sense too. Doing it for the sake of doing it doesn't often make that much sense.

Many thanks all - appreciate the input!

[Jeffrey Shaw 90]

The £1150 equates to £500 legal fees + £500 surveyor's fees. Neither is out-of-the-ordinary.

New plans are rarely required, however; the existing leasehold's plan will almost always suffice.

Edited January 14, 2019 by Jeffrey Shaw

[Pete80 0]

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Edited March 2, 2019 by Pete80