Is it worth buying freehold

[Vinniecat]

We are in the process of buying a house that has over 900 years left on the leasehold. The annual ground rent is £10. We can buy the freehold for £750. Do you think it is worth buying? What are the advantages of ownership?

[Dr.JumbaJookiba]

Depending on the lease terms you could be charged fees for things like planning permission etc. under the terms of the leasehold. IMHO always worth buying if it’s offered under a grand but ask your conveyancer for a professional opinion.

[Vinniecat]

Originally Posted by Dr.JumbaJookiba

Depending on the lease terms you could be charged fees for things like planning permission etc. under the terms of the leasehold. IMHO always worth buying if it’s offered under a grand but ask your conveyancer for a professional opinion.

See more...

Thank you. I’m in favour of buying it but my husband is a bit more reluctant. I will pass on your advice.

[duchy]

If you want to extend or make any changes in the property in the future then likely you’d need freeholders permission and possibly an “admin fee “ for doing so (before we bought our freehold there was a £350 admin fee if we wanted to apply to change a fence to a wall for example) .
When you sell and move on a freehold is easier to sell than even the longest lease .
Likely it would be a good long term decision dependant on the lease terms and property value but what does your solicitor say ?

[Vinniecat]

Originally Posted by duchy

If you want to extend or make any changes in the property in the future then likely you’d need freeholders permission and possibly an “admin fee “ for doing so (before we bought our freehold there was a £350 admin fee if we wanted to apply to change a fence to a wall for example) .
When you sell and move on a freehold is easier to sell than even the longest lease .
Likely it would be a good long term decision dependant on the lease terms and property value but what does your solicitor say ?

See more...

Thank you, this is what I thought. We will speak to the solicitor. Haven’t had chance yet because she is on holiday.

[parisdisneyfan]

Leases can be sold on and then ground rent may go up. I would say £750 seems a good price, ones I ‘ve seen run into 10’s of 1000’s £. Good luck.

[Vinniecat]

Originally Posted by parisdisneyfan

Leases can be sold on and then ground rent may go up. I would say £750 seems a good price, ones I ‘ve seen run into 10’s of 1000’s £. Good luck.

See more...

Thank you, I’m happy that everyone seems to be backing up my point of view.

[sparkles18]

Definitely buy it at £750, we had to pay £15,000!

[Lisa123wm]

Well, we’re in the process of moving house and we wouldn’t even look at a house that was leasehold tbh.

So, you can guess my answer.

[Vinniecat]

Originally Posted by sparkles18

Definitely buy it at £750, we had to pay £15,000!

See more...

Yes that’s what I said to my husband, my parents bought theirs many years ago for a few thousand and it was only £2 a year ground rent.