I live in leasehold property. The lease was for 999 years and has about 880 years left. The ground rent was set at £2.30 a year (it takes me a while to save up for it each year
![Laughing :lol:](./images/smilies/icon_lol.gif)
Thanks
Thanks to DrFfybes,smokey01,bungeejumper,stockton,Anonymous, for Donating to support the site
Andy46 wrote:Hi,
I live in leasehold property. The lease was for 999 years and has about 880 years left. The ground rent was set at £2.30 a year (it takes me a while to save up for it each year) I get the offer to buy the freehold from the current freeholder for about £600 every year, is there any point whatsoever to purchase it? I'm never planning on extending the property btw.
Thanks
james51 wrote:I am in a similar position. The terms of the lease on the property (a detached house) say that I need to get the freeholder's permission to change the exterior of the house (e.g. build an extension) in addition to planning permission. That could be quite inconvenient, as I have no idea what criteria he would apply for accepting or not. The annual cost of the lease is trivial and there are no service charges.
Andy46 wrote:Hi,
I live in leasehold property. The lease was for 999 years and has about 880 years left. The ground rent was set at £2.30 a year (it takes me a while to save up for it each year) I get the offer to buy the freehold from the current freeholder for about £600 every year, is there any point whatsoever to purchase it? I'm never planning on extending the property btw.
Thanks
Andy46 wrote:Hi,
I live in leasehold property. The lease was for 999 years and has about 880 years left. The ground rent was set at £2.30 a year (it takes me a while to save up for it each year) I get the offer to buy the freehold from the current freeholder for about £600 every year, is there any point whatsoever to purchase it? I'm never planning on extending the property btw.
Thanks
Mike4 wrote:Andy46 wrote:Hi,
I live in leasehold property. The lease was for 999 years and has about 880 years left. The ground rent was set at £2.30 a year (it takes me a while to save up for it each year) I get the offer to buy the freehold from the current freeholder for about £600 every year, is there any point whatsoever to purchase it? I'm never planning on extending the property btw.
Thanks
I suspect you don't, as there is no such thing as the freehold to a flat.
chas49 wrote:Mike4 wrote:Andy46 wrote:Hi,
I live in leasehold property. The lease was for 999 years and has about 880 years left. The ground rent was set at £2.30 a year (it takes me a while to save up for it each year) I get the offer to buy the freehold from the current freeholder for about £600 every year, is there any point whatsoever to purchase it? I'm never planning on extending the property btw.
Thanks
I suspect you don't, as there is no such thing as the freehold to a flat.
The OP never mentioned living in a flat!
chas49 wrote:Mike4 wrote:Andy46 wrote:Hi,
I live in leasehold property. The lease was for 999 years and has about 880 years left. The ground rent was set at £2.30 a year (it takes me a while to save up for it each year) I get the offer to buy the freehold from the current freeholder for about £600 every year, is there any point whatsoever to purchase it? I'm never planning on extending the property btw.
Thanks
I suspect you don't, as there is no such thing as the freehold to a flat.
The OP never mentioned living in a flat!
chas49 wrote:Mike4 wrote:Andy46 wrote:Hi,
I live in leasehold property. The lease was for 999 years and has about 880 years left. The ground rent was set at £2.30 a year (it takes me a while to save up for it each year) I get the offer to buy the freehold from the current freeholder for about £600 every year, is there any point whatsoever to purchase it? I'm never planning on extending the property btw.
Thanks
I suspect you don't, as there is no such thing as the freehold to a flat.
The OP never mentioned living in a flat!
Mike88 wrote:The OP referred to a leasehold property. Isn't a flat a leasehold property?
AsleepInYorkshire wrote:chas49 wrote:Mike4 wrote:
I suspect you don't, as there is no such thing as the freehold to a flat.
The OP never mentioned living in a flat!
You're correct. However, a leasehold period of 999 years usually applies to shared properties, namely flats or if you prefer apartments.
AiY
Mike4 wrote:AsleepInYorkshire wrote:chas49 wrote:
The OP never mentioned living in a flat!
You're correct. However, a leasehold period of 999 years usually applies to shared properties, namely flats or if you prefer apartments.
AiY
^^^This^^^
The 999 year long lease plus the low low premium being asked for the freehold screamed "1960s or earlier flat" at me. Come the 70s, leases were typically being written at 99 years instead. And with the recent houses being sold leasehold, the scandal is the freehold investors buying the freeholds from the builders wringing out the leaseholders by demanding tens of £k for the freehold.
Hence my totally unjustified assumption this was a flat.
Mike4 wrote:The 999 year long lease plus the low low premium being asked for the freehold screamed "1960s or earlier flat" at me.
mc2fool wrote:Mike4 wrote:The 999 year long lease plus the low low premium being asked for the freehold screamed "1960s or earlier flat" at me.
Interesting deduction.More reliably, as the OP said they have 880 years left on their 999 year leasehold, we can fairly reasonably infer that the property (flat or not) was built in or before 1902.
Mike4 wrote:A major advantage of the leaseholders collectively owning the freehold to their building is they get to control who does the maintenance of the common parts - drains, roof, foundations, car park, boundary fences etc. Once you get control of this you are no longer at the mercy of a (perhaps future) avaricious freeholder who takes every opportunity to shaft the leaseholders in any way possible.
Yes that too! ... AND, the ground rent of £2.30 a year. Even had the OP not mentioned 880m years left on their 999 year lease, this £2.30 a year with no provision for inflation uplifts also screams 'very old lease' to me.
mc2fool wrote:Mike4 wrote:A major advantage of the leaseholders collectively owning the freehold to their building is they get to control who does the maintenance of the common parts - drains, roof, foundations, car park, boundary fences etc. Once you get control of this you are no longer at the mercy of a (perhaps future) avaricious freeholder who takes every opportunity to shaft the leaseholders in any way possible.
Leaseholders of a block of flats can actually do that even without undertaking Collective Enfranchisement (buying the freehold), it's called the RIght to Manage. (Which is not to say that collective enfranchisement might not be a good idea anyway.)Yes that too! ... AND, the ground rent of £2.30 a year. Even had the OP not mentioned 880m years left on their 999 year lease, this £2.30 a year with no provision for inflation uplifts also screams 'very old lease' to me.
Indeed.
Return to “Property Investment Discussions”
Users browsing this forum: No registered users and 63 guests