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Posted by woodsandtrees (U3851858) on Sunday, 7th June 2009
An elderly relative has owned their house since 1975 - it was built in 1973. Their new ground landlord has mentioned in a letter the possibility of them buying the freehold.
Has anyone any idea what sort of costs might be involved & would my relative need to involve solicitors and surveyors? Any idea if it would be hundreds or thousands of pounds?
Ground rent is £30 a year. The house is detached. I don't have details of the lease etc, so appreciate that any answers will be guestimates, but some idea would be greatly appreciated.
Thanks
, in reply to message 1.
Posted by Sixties Relic SAVE ML (U13777237) on Sunday, 7th June 2009
I think you need to check with a solicitor. I understand that these used to be available at a small cost (a few hundred pounds if it is only £30 pa) if the lease is for 999 years. I looked into this several years ago when I was in a similar position.
However, if the lease is only for 99 years this will be very expensive, and I think these have gone up recently, with some companies buying up the freeholds then offering the leaseholders these at a big cost.
, in reply to message 1.
Posted by Lili Bolero and the band played on (U10534540) on Sunday, 7th June 2009
When, many moons ago, I was training to be a surveyor, (unfinished) there were formula tables to work out the likely cost of a freehold. It depends on the unexpired length of the leasehold and the Ground Rent.
The nearer you are to the end of the lease, the more they can charge you, and if you don't buy it, and the lease runs out, the freeholder is entitled to take the land off you and anything that is on it. I have seen that happen once.
A solicitor is normally involved in the purchase of the freehold. There may be a Chartered Surveyor or similar acting for the current freeholder.
HTH
Yes quite a few factors involved here Sixties.
Why don't you post this thread in TB where the legal types, like Sharpers are likely to spot it more easily.
Oh sorry Lili, I always seem to be dissing your posts, not that I was here, but you obviously know what you're talking about.
I had no idea you trained to be a surveyor.
Thanks for your responses - I will repost in the Bull.
, in reply to message 5.
Posted by Lili Bolero and the band played on (U10534540) on Sunday, 7th June 2009
I had no idea you trained to be a surveyor. Â
It was a long time ago, and the past is another country, sweetfeet...
Thanks you for the answers - sounds like we need the length of the lease. I've re-posted in the Bull at
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