Houses – Freehold Purchase
BUYING THE FREEHOLD
If you have a house with a short lease, that is with less than 70 years remaining, you are probably concerned that the house has become difficult to mortgage and harder to sell, and are looking for advice on buying a freehold to see how you can sort out your position.
Buying the freehold is a relatively straightforward procedure, and if this is the topic you are interested in finding out more about, please have a look at our page specifically on how to Buy the Freehold which will give you further information.
And don’t forget, if you’re looking to buy a leasehold house that you want to buy the freehold of, then we can help you with that too. We will need to ensure that the vendor has been in the property long enough to serve the appropriate notice on the freeholder before you buy.
If you have a house with a short lease then you can ask for it to be extended but it is usually better to buy the freehold.Residential lease extensions in such circumstances are possible, but not common. This is because the vast majority of leaseholders end up purchasing their freehold, rather than getting a lease extension. Please have a look at our freehold purchases page for further information.
For more information on buying the freehold please call us now on 0121 427 2800
Thank you very much for your help. You made it as seamless as you said you would.
Read More
100 Years unexpired – No issues at this stage with the lease and the saleability of the property.
90 Years unexpired – Still no major issues at this stage with the lease and the saleability of the property.
80 Years unexpired – Now the real problems start – “Marriage Value” becomes a factor and the market price of the property is affected
70 Years unexpired – The property now becomes difficult to mortgage as lenders become nervous about the situation. The cost of extending the lease is significant. Potential purchasers are deterred by the length of the lease and seek alternative properties.
60 Years unexpired – The situation is similar to that at 70 years, but somewhat worse. You will probably have lost many £1,000s in the market value of your flat.
50 Years unexpired – You are unlikely to sell with such a short lease and may be limited to cash buyers and property investors only. By now many more £1,000s have been wiped off the true market value.