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Original poster

Buying freehold

10 replies

TheLittleFriend · 23/02/2019 18:50

Anyone with knowledge of purchasing freeholds out there?

We would like to buy the freehold of our leasehold house. The property is worth about 400k, rent is £5pa and there are 918 years left on the lease.

The solicitors for the freeholder have quoted 2k + £650 fees.

Does anyone know if this is realistic? I thought it might be less as we have such a long lease? I am tempted to book an appointment for advice with our solicitor, but don’t want to pay to be told it’s a good price!

Thanks

OP posts:
titchy · 23/02/2019 19:20

What's the point with a 900 year lease?!

Original poster
TheLittleFriend · 23/02/2019 19:40

We’re extending and have been advised that the cost of gaining permission from the freeholder could be high enough to justify buying it instead. Plus the fact it would be detrimental if we decided to sell.

OP posts:
ArnoldBee · 23/02/2019 19:47

Seems reasonable to me as it will be worth more than the £3k you would spend to make it more attractive for selling.

abcriskringle · 23/02/2019 19:51

We are in a similar position and that quote is in line with our research/ queries so far.

Crikeyblimey · 23/02/2019 19:53

Absolutely do it. The freehold can be sold on by developers (or freeholders) and yearly charges increase massively, which you have no control over.

The price sounds good to me - do it, you won’t regret it. Makes resale easier too for the above uncertainty.

greendale17 · 23/02/2019 19:57

Absolutely do it. The freehold can be sold on by developers (or freeholders) and yearly charges increase massively, which you have no control over.

^This. Price is a bargain, definitely do it OP.

DGRossetti · 24/02/2019 09:56

Ours was 6K for 60 years. In the end we took that as an offer from the freeholder, since the method used by the LVT is pretty close to black magic. (Talks about marriage value and the "rateable value" which isn't available anywhere since we haven't had rates since 1990).

Even if you can deliver a lower value for the freehold, the purchaser has to pay the freeholders costs (over 1K in our case) so I suspect they'd recover any difference there.

So 2K ?!?!?!?! I'd snap their arm off.

llangennith · 24/02/2019 10:46

That's a bargain price for the freehold. Take it!

Original poster
TheLittleFriend · 24/02/2019 16:05

Thanks for your comments. It has helped!

OP posts:
TC07 · 25/02/2019 23:49

We own the freehold to our flat. It was bought by the previous owner and he said he paid £10k, so for £2k I'd think that's pretty good.

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