Jump to content
The Christmas Logo Competition is back. See thread in Sheffield Discussions for details ×

Buying Freehold From Duke Of Norfolk

Recommended Posts

Hey guys,

 

My partner & I recently bought a house on Manor Lane (S2) and it has a lease of 98 years remaining under the Duke of Norfolk. We've looked into it and if the lease drops below 75 years, it becomes difficult to mortgage. We've looked into buying it, but we've been told its over £200 just for a quote!!!

 

Has anyone bought their freehold from the Duke of Norfolk and what was the cost - just so we can get a ballpark figure...

 

Thanks in advance xx

Edited by nikki-red

Share this post


Link to post
Share on other sites

Who said it is £200 for a quote? I didn't pay anything for a quote but can't really remember how much it was. I think it was a few hundred to buy it.

Share this post


Link to post
Share on other sites
Hey guys,

 

My partner & I recently bought a house on Manor Lane (S2) and it has a lease of 98 years remaining under the Duke of Norfolk. We've looked into it and if the lease drops below 75 years, it becomes difficult to mortgage. We've looked into buying it, but we've been told its over £200 just for a quote!!!

 

Has anyone bought their freehold from the Duke of Norfolk and what was the cost - just so we can get a ballpark figure...

 

Thanks in advance xx

I don't think it matters who the landlord is. I believe there is a statutory right to buy the freehold in most cases for houses. When we bought ours ( quite a few years ago ) there was a qualifying period ( how long you've lived in the house ) and the cost was based on a multiple of the ground rent. We also had to pay the leaseholders solicitors fees.

I'm sure there must be plenty of sites available to give you the correct legal position.

We never regretted buying it, and good luck.

Share this post


Link to post
Share on other sites

Have you asked him? that might be the best place to start and go from there

Share this post


Link to post
Share on other sites
Have you asked him? that might be the best place to start and go from there

 

It costs £200 for a quote from the management company... I'm just trying to find someone who's recently done this to see if its worth my while...

Share this post


Link to post
Share on other sites
It costs £200 for a quote from the management company... I'm just trying to find someone who's recently done this to see if its worth my while...

 

You didn't say the quote was from the management company just that you had been quoted it ,that could of been from anyone hence my answer

Share this post


Link to post
Share on other sites
It costs £200 for a quote from the management company... I'm just trying to find someone who's recently done this to see if its worth my while...

 

It is worth buying the freehold of your property......

Share this post


Link to post
Share on other sites
It costs £200 for a quote from the management company.

No, it doesn't. Serve Notice of Claim. Pay nothing unless L then demands the statutory deposit.

Share this post


Link to post
Share on other sites

Wait until you have owned the lease for two years and then, do the claim you have plenty of time left 20 years.

A couple of years to save up and pay cash so no additional loan to pay interest on.

Share this post


Link to post
Share on other sites
Wait until you have owned the lease for two years and then, do the claim you have plenty of time left 20 years.

A couple of years to save up and pay cash so no additional loan to pay interest on.

Yes- but NEVER leave it until the unexpired term drops below the 80yr point; or else you'd face additional "Marriage Value" enhancement of the freehold reversion's value.

Share this post


Link to post
Share on other sites
Here is a link to free guide to valuation for buying the freehold of a leasehold house :

 

http://www.lease-advice.org/advice-guide/leasehold-houses-valuation-for-enfranchisement/

 

You need to use the annual ground rent and market value of house.

Yes, the Leasehold Advisory Service is a reliable source of information; it's funded by HM but run independently.

But another factor- omitted by you- in valuing the freehold reversion is how many years remain unexpired of the lease's original term.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.