Leasehold

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shnaek

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What are the issues to consider with a leasehold property? There is one for sale near me, on a 400 year lease from 1931. Nominal ground rent is payable.

Is it possible to get the freehold title on such properties?

What are your rights in this situation?

Thanks for the advice!
 
shnaek said:
What are the issues to consider with a leasehold property? There is one for sale near me, on a 400 year lease from 1931. Nominal ground rent is payable.

Is it possible to get the freehold title on such properties?

What are your rights in this situation?

Thanks for the advice!
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Sometimes the freehold can be bought out. The house I grew up in originally had a 1000 year lease with ground rent payable but my folks bought the freehold in the early 80's.
 
Had your parents much difficulty acquiring the freehold?

Are there leasehold enfranchisement laws here like there are in the UK, where you can force the freeholder to sell?
 
Shneak, The arbitration process you refer to is the best procedure to follow to buy the freehold - provided you are entitled to so - depends on the lease.

But don't forget, the title as it stands, with 320 odd years to run, is legally perfectly good title. A lender will only require 70 years to run.

One reason may want to consider purchasing the freehold would be if you intend extending, as there may be restrictions in the lease
 
Thanks for all the help, guys.

One other thing - is the purchaser of a leasehold liable for arrears in ground rent?
 
Posting Guidelines -

2. Please make the heading of your question relevant Don't post a general heading such as "help !" or "Mortgage query". If you post a heading such as "Mortgage for separated couple", it will get a better response and will be much easier to find if you need to go back to look for it.
 
Probably - but surely the arrears will come off the price unless the proerty is well priced that you will be able to absorb it.
 
Arrears of 6 years is all that can legitametly be claimed by the owner of the freehold "the landlord". In practise the vendor hands over this amount on closing - and again as the op said, the annual rent is only a nominal amount
 
Thanks for the help.

Havealaugh, I couldn't think of a title that wasn't very longwinded! Perhaps I should have expanded and put a title of 'leasehold query on property for sale'.
 
Havealaugh, I couldn't think of a title that wasn't very longwinded! Perhaps I should have expanded and put a title of 'leasehold query on property for sale'
Click to expand...

Absolutely, and then it would have been within the posting guidelines (number 2);)

You can still edit it !
 
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