To buy or not to buy freehold?

[Jem01]

Hello

Looking for advice about whether or not to buy the freehold of a 2 bed 1930s purpose built flat in Blackheath currently owned by an elderly member of my family.

I have the opportunity to buy this but only interested from the perspective of the added value on sale as I wouldn’t ever live there (or don’t intend to keep for rental income).

So my question is, does anyone have an idea of how much value (in percentage terms) a freehold flat has over leasehold?

Not a lot. However if the lease is shortish, then buy the feeehold. However we bought the freehold to be in charge of everything to do with our own flat and not have to contact the landlord of rely on them. We did not see it as a financial investment. It’s more to do with control.

In common with many other people, I would never buy any property that didn't have freehold. You may find it much more difficult to sell the property without freehold because it's a deal breaker for many potential buyers.

It doesnt have much difference in actual market valuation, the difference is ease of sale, i.e. getting a buyer quicker and less lower offers. EA valuation for freehold will be similar to a long lease. It will vary significantly if the lease is short

I have replied to an identical post elsewhere. If you want a series of considered views it is probably not sensible to post multiple times.

You need to keep the leasehold on the flat and own the freehold separately.

They are mostly leasehold round here, apart from new builds obviously.
Anyone can buy the lease, you don't even have to live at the address my ds1 has 2 full streets of terraces and it's a nice little extra each year.

It can be difficult to sell if all the others are freehold, but we haven't had any trouble and have sold several over the years.

You need to go through a solicitor and be prepared to be refused as our neighbours were who changed the inside and outside of the property.
They can check if you have ever had any permission to undergo changes. One neighbour had a garages in his garden, a driveway between the houses and dropped kerbs.