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Advice wanted: any estate agents out there?

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Right I plan on selling my house within a few months. It's currently a leasehold property (with 67 years left on the lease). I've received an offer from the leaseholder to buy out the lease to con… Read More
tuckeral Avatar
7y, 8m agoPosted 7 years, 8 months ago
Right I plan on selling my house within a few months. It's currently a leasehold property (with 67 years left on the lease).

I've received an offer from the leaseholder to buy out the lease to convert the property to freehold. The cost of this will amount to about £2000 (£1155 for buying the lease plus mine and their solicitors costs!)

What I want to know is - is it worth me doing this before I put the house on the market? I realise it'll probably be easier to sell the house if it's freehold - but I don't particularly want to go through with it if it's not going to make the house £2000 more attractive to a buyer! (i.e. I don't want to lose any cash by doing it overall)

(The house is only worth about £140k)

I've scoured the net but there doesn't seem to be much info on valuations for freehold/leasehold comparisons.

Any experience with this gratefully received.
tuckeral Avatar
7y, 8m agoPosted 7 years, 8 months ago
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Comments/page:
#1
I'd say that seems good value at less than 1%...
#2
(from limited knowledge of selling our leasehold)

sounds a deal to me - £2000 to have freehold

how much would it cost to have lease extended?

looks better when your selling

i think as well if leasehold - if you want to make any changes - extensions etc - you have to get permission from landlord (leaseholder) too much hassle
#3
It may not add much monetary value to the house, BUT it will make it a much more attractive buy down the line if you come to sell it.

For 2k I'd snap their hand off.
#4
holly100;6371520


how much would it cost to have lease extended?
...i think as well if leasehold - if you want to make any changes - extensions etc - you have to get permission from landlord (leaseholder) too much hassle

Holly, I haven't asked about extending. It's probably not gonna be a problem for the next owners of the house but will be more of an issue when they come to sell it (some mortgage lenders don't give mortgages on properties with less than 50 years left apparently). I'm just merely thinking in terms of freehold vs leasehold in selling it now.

Like I say I literally have one more room left to re-decorate and it's going on the market (within a few months), just checking it's not in effect going to cost me anything to get the freehold reversion done overall in terms of house value afterwards.
#5
buy the lease 2k is very good
#6
I take it this property has no other leaseholders attached to it ?? (Flat, other buildings etc)
#7
Look at it this way - you own it for 66 years.
They own it forever.
2k is a bargain.
#8
hottoshop;6371870
I take it this property has no other leaseholders attached to it ?? (Flat, other buildings etc)

No, just a house.
#9
buy the lease babe xxx
#10
would be v.stupid not to buy the lease for 2k
#11
Buy it, i had to pay £5k for mine :-(
#12
I wouldn't buy the lease. Make the buyer aware that it can be converted to freehold. As it stands, the remaining term will not be a deterrent to lenders. After £2k is better in your pocket to help offset the fees when selling.:thumbsup:
#13
AD959
I wouldn't buy the lease. Make the buyer aware that it can be converted to freehold. As it stands, the remaining term will not be a deterrent to lenders. After £2k is better in your pocket to help offset the fees when selling.:thumbsup:


The lender I work for (and it's a MAJOR lender) won't lend on a property with only a 67 year lease.
#14
[QUOTE=Evil_monkey]The lender I work for (and it's a MAJOR lender) won't lend on a property with only a 67 year lease.[/QUOTE

Too bad. Funnily your MAJOR lender would probably mortgaged a cardboard box not that very long ago.:w00t:

I would still say for the buyer to pay for the lease.
#15
AD959
[

your MAJOR lender would probably mortgaged a cardboard box not that very long ago.:w00t:



Not if it had a 67 year lease :thumbsup:
#16
Evil_monkey
The lender I work for (and it's a MAJOR lender) won't lend on a property with only a 67 year lease.


This is what I thought - I had to extend a lease years ago - before I could buy a property. I would certainly buy the freehold as offered.

How much is it to extend a lease these days anyway?

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