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Yesterday, 03:21 PM |
#1
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Imagineer
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Are leasehold properties a no-go?
We're house hunting and frustratingly a lot of the houses we like are leasehold. They aren't new builds or even close so its weird so many of them are leasehold.
My husband thinks its an instant no, but I was looking for some insight. If the property has a very long lease of around 1000 years, and the ground rent is a token amount under £100PA, is it really so much of an evil? What's the implications for things like mortgages? I definitely wouldn't be interested in a newer build property with large monthly service payments but interested if anyone has any insight into what its like owning a property with a very long lease. |
Yesterday, 03:26 PM |
#2
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Imagineer
Join Date: Aug 14
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If its a 1000 year lease then personally I wouldnt worry as it will outlive generations
if its only say a 60 year lease then I would avoid We used to live in a lease hold new build , ground rent was iirc £200 a year, we sold it no bother |
Yesterday, 03:37 PM |
#3
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Thread Starter
Imagineer
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Yesterday, 03:39 PM |
#4
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Imagineer
Join Date: Jan 08
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Is there any possibility that the leasehold could be purchased on completion?
I know quite a few sellers buy the lease when selling on older houses. Some of the houses we’ve bought, including the one we live in now, have had the leases bought in recent years. Personally, we wouldn’t buy a leasehold property, unless it was an apartment.
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Yesterday, 03:41 PM |
#5
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VIP Dibber
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We were also in a newish leasehold and sold without issues.
Another option is to ask for the lease to be purchased as part of your sale. Negotiate it into the asking price. |
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Yesterday, 03:47 PM |
#6
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Thread Starter
Imagineer
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I had no idea you could buy the lease- definitely something worth asking! The properties we are looking at are under budget so there's some wiggle room.
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Yesterday, 03:49 PM |
#7
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Imagineer
Join Date: Aug 14
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Not that I recall , this was over 25 years ago so things might have changed now
legally no issues iirc, Mrs Novo worked in a lawyers at the time & we got all legal work mates rates/free but cant recall any probs Edited at 03:53 PM. |
Yesterday, 04:00 PM |
#8
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slightly serious Dibber
Join Date: Aug 12
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We've had a massive legal battle with our leasehold and no end of expense. I really wish we had never bought it as we're kind of trapped there now.
I'm aware the majority are absolutely fine, but given what's happened with us I would not go near one again. As we have learnt, the law seems to be quite different if you are in a leasehold house as opposed to a flat. There is potentially some leasehold reform coming, so it may well improve the position.
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Yesterday, 04:03 PM |
#9
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Thread Starter
Imagineer
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Yesterday, 04:15 PM |
#10
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Excited about Disney
Join Date: Aug 21
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We’re also house hunting and finding the same thing.
A lot of properties that have been done up recently seem to be leasehold. I wonder if it’s a way of making a bit of extra money on them. We almost bought a leasehold property last time around but negotiated to buy the freehold because of the restrictions about what we could and could not do in the house without asking the landlord’s permission. The purchase fell through for other reasons. But I think those restrictions are the main reason I wouldn’t want to buy a leasehold house, even with a long lease and a low service charge. Edited at 04:17 PM. |
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