Buying Freehold advice

[macy]

It's very wise to buy it especially at the price they have quoted. We have bought ours now, but should have many years ago when the cost was very low.
Once we realised the leaseholders were starting to fleece people we bought it. The cost was in thousands but now hear of people having to pay an awful lot more. You certainly won't regret it, and as others have mentioned it can be difficult to sell property if the lease is down to 70 years.

[vhm672]

Firstly there is nothing wrong with leasehold as a concept in fact it is an essential requirement of our property tenure system.

There is a lot of rubbish being written both by government and in the press including the “I can’t sell my house” stories. What there was over the last decade is a number of unscrupulous parties setting up leases with multiplying rents or escalating fees to rip people off. These should be clamped down on not the whole tenure.

For the OP whether it is worth buying depends on the term of lease left and restrictions the lease imposes. I would as I think it is not very much money although at 120 years worth of rent it may still not be value for money if you have few restrictions in the leases. I would also expect you to have to pay at least the same again in landlords fees for doing the transfer.

[Mr Tom Morrow]

I would bite their hands off for the price the OP has been offered.

There is only one way the price will go as the years go by and that's up.

Leaseholds on new builds are a National scandal. My Son lives on a new estate and the first release of houses were leasehold. His and others aren't.

Persimmon got taken to court for misselling and a trial was scheduled for 6 weeks. They backed down before the case and gave the leaseholds away!

walesonline/news/w...ehold-16817623

[wendy7654]

Thanks all, I will look into this and maybe get advice, the new company says the amount includes all legal costs and will accept payment in full or 6 post dated cheques, Do I do it without advice and would I get the title deeds once all finalised? Think I’m just worried that there could be hidden costs.
Thanks again

[mitch84]

Originally Posted by vhm672

Firstly there is nothing wrong with leasehold as a concept in fact it is an essential requirement of our property tenure system.

There is a lot of rubbish being written both by government and in the press including the “I can’t sell my house” stories. What there was over the last decade is a number of unscrupulous parties setting up leases with multiplying rents or escalating fees to rip people off. These should be clamped down on not the whole tenure.

For the OP whether it is worth buying depends on the term of lease left and restrictions the lease imposes. I would as I think it is not very much money although at 120 years worth of rent it may still not be value for money if you have few restrictions in the leases. I would also expect you to have to pay at least the same again in landlords fees for doing the transfer.

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Finally some sensible advice on this thread.
It totally depends on your house, and your lease terms as to whether it makes sense.
I wouldn’t buy a new build lease hold, but did buy our little 2 bed terrace leasehold and have zero intention of buying the freehold, they sent us a letter offering us it for about £600 and we filed it straight in the bin. That’s 200 years of our ground rent.
I’d maybe ask advice, our property lawyer when buying told us buying it would be ludicrous; but we knew that already
As mentioned, that’s 120 years of ground rent, even if you live in it til death, whoever is buying it is likely able to live in it until death without worrying also.