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Corsa Sport » Message Board » Off Day » House Day » buying a house leasehold not freehold » Post Reply
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StuartVRS |
posted on 28th Mar 12 at 21:24 |
http://www.georgeproctor.co.uk/ViewProperty.aspx?adid=2082661 | |
StuartVRS |
posted on 28th Mar 12 at 21:20 |
there is 81 years on the lease, but reading up there is something called marriage value when the lease drops below 80 when trying to extend the lease. The estate agents entioned the current owner looked into extending it recently and was quoted 7500 to add 75 years iirc. Property is up for £169,999, no garden or drive and near a railway bridge, so its cheap for a reason. Sadly, this area is 240k for a 2 bed apartment in a block of flats (new build) or the same for 2-3 bed houses and its just too much for a first house. Ill do some research with the estate agent, see what they can dig up. | |
whitter45 |
posted on 28th Mar 12 at 21:15 |
Previous house was leasehold. I paid 55 a year ground rent. | |
AndyKent |
posted on 28th Mar 12 at 20:46 |
You can pretty much calculate it yourself - leasehold advisory service website has a calculator | |
Tom J |
posted on 28th Mar 12 at 20:42 |
you need to ask the price of extending lease really just to be sure | |
VegasPhil |
posted on 28th Mar 12 at 20:11 |
Lease is a little on the low side. If it gets to 75 or less people start asking questions about extending. | |
Gary |
posted on 28th Mar 12 at 20:03 |
Apologies, I was under the impression you weren't guarenteed the renewal at the end of your lease like with commercial property | |
James |
posted on 28th Mar 12 at 08:34 |
quote: You clearly don't know what leasehold means :| | |
AndyKent |
posted on 28th Mar 12 at 07:58 |
quote: Said without a clue of how leasehold works, obviously. If you renew the lease at the right time you can add 99 years on for just a few hundred quid. [Edited on 28-03-2012 by AndyKent] | |
Gary |
posted on 28th Mar 12 at 07:28 |
Might as well rent. Anyone who buys lease is daft imo. | |
Aaron |
posted on 27th Mar 12 at 18:48 |
Mine is leasehold. No problems. Monthly service charge of £50 which covers: | |
James |
posted on 27th Mar 12 at 18:40 |
There are no major pitfalls as such. Ground rent and service charge are the big ones. Length of lease only becomes an issue when it gets really low, and that's only because it becomes harder to sell due to the potential complications when it comes to lease renewal. | |
StuartVRS |
posted on 27th Mar 12 at 18:26 |
anyone on here done this? Its hard in my local area to get anything half decent on the budget we would like for our first purchase. A nice property has come up, 2 bed maisonette ground and upper with a basement flat that someone already owns. Its immaculate inside, great local facilities and a good price. 81 years left on lease, 900 a year maintenance cost and 15 quid ground rent a year. Its a perfect first property but im clueless with the freehold/leasehold stuff. Whats the potential pitfalls of such a deal with that length lease? Any info that i should be looking into before setting our hearts on it? As a new buyer, i know zero about buying houses so im sure there is someone here that can share some wisdom with me. |