Any problems buying a 'freehold' property with 999yr lease?

It isn't a freehold if it has a 999 year lease it's leasehold!
We sold our leasehold house about 2 years ago and vowed we would never buy another, the problems we had was the leaseholder treated us like cash cow and was constantly trying to rip us off with charges, the worst scam they tried was they wrote to us asking if we had changed anything in our house such as double glazing, gutters or garden landscaping, one of our neighbours told them about new exterior doors and they were sent a payment charge for alterations without permissions.
Also when we wanted to build a Conservatory the leaseholder wanted a hefty payment to give us permission
We even enquired about buying the freehold and the ripp of management company wouldn't give us a purchasing price unless we paid them a few hundred £ for the figure.
Even when we sold the house the conveyancing costs were a lot more because of all the extra paperwork associated with leasehold properties. (edited)

How much of the 999 years is left?
It's definitely NOT freehold.

My house is on a 999year lease. It is known as a virtual freehold. It doesn't really make a lot of difference to the house, although you aren't in control of the management company. I am in the process of buying my freehold for £3000.
Houses in the street well regardless of being free or lease hold (edited)

New leases aren’t good some lease holders can increase it to theta ever they want , I have a 1970s house that’s lease hold for 999 years and pay £3 every 6 months , I also have the option to buy it for £2000 but don’t see the point .

With old leases there never any issue it’s more the new buildings where the problems are .

I have 2 such properties. Yes, it’s OK subject to searches and details of the activities of the management company, ground rents, maintenance etc. But the comment that it can be looked on as a freehold property is wide if the mark. Your solicitor can explain.

if you aren’t using a decent solicitor, you may well end up owning a complete dog of an investment.

It is a good price for its size because you are leasing it. Not buying it.
Regardless of the length of term, you don't own it, so the owners (the freeholder) can have all sorts of expensive charges, and they will.

Yes should be absolutely fine. I had a leasehold flat back in the late 90s that had approx 105 years of 125 year lease left and sold it no problem a couple of years later. As always with any leasehold there maybe a service charge involved but the agent should be able to tell you how much or if at all there is even a service charge involved. (edited)

Probably a ground rent, if not a service charge. Might also be restrictions on what you can do (extension, internal remodelling) or hidden fees for making alterations. It should all be in the deeds.

All dependent on fees & the ability to raise fees.

How many 1000 year old homes are about? (edited)

ccnp09/03/2022 20:13

I have 2 such properties. Yes, it’s OK subject to searches and details of …I have 2 such properties. Yes, it’s OK subject to searches and details of the activities of the management company, ground rents, maintenance etc. But the comment that it can be looked on as a freehold property is wide if the mark. Your solicitor can explain. if you aren’t using a decent solicitor, you may well end up owning a complete dog of an investment.Read lessRead more

How so? What can actually go wrong?

GreekJesus09/03/2022 20:20

How much of the 999 years is left?It's definitely NOT freehold.

900 years or there abouts. (edited)

I have a 999 year lease too.
My ground rent is fixed (you should have that checked).
The only issue is if you want an extension or similar, this is how the freeholder make their money, with fees, as the ground rent is peanuts .

PaulandPam09/03/2022 22:24

.Also when we wanted to build a Conservatory the leaseholder wanted a ….Also when we wanted to build a Conservatory the leaseholder wanted a hefty payment to give us permission We even enquired about buying the freehold and the ripp of management company wouldn't give us a purchasing price unless we paid them a few hundred £ for the figureRead lessRead more

This 100%!

You don't own the home if its a lease, regardless of the length so you need the permission of the freeholder to make any changes!

Downside is that like others said, you need to obtain permission for alterations etc. and pay a ground ret which may have a review (i.e. increase) periodically. There is legislation on the way to reduce ground rents to £1 and your solicitor should tell you if you will benefit. (Leasehold Reform (Ground Rent) Bill 2021-22)
You can buy the freehold later for a bit more money. lease-advice.org/adv…on/
Many new build houses pay an estate service charge anyway so don't let it put you off.