Jump to content

Search the Community

Showing results for tags 'leasehold'.

  • Search By Tags

    Type tags separated by commas.
  • Search By Author

Content Type


Forums

  • Property Hub
    • Housekeeping
    • Property in the news
    • Introduce yourself
    • General property discussion
    • I need advice!
    • Progress journals
    • Property Podcast discussion
    • Property Hub University
    • Chit-Chat
  • The Property Hub Summit

Calendars

There are no results to display.


Find results in...

Find results that contain...


Date Created

  • Start

    End


Last Updated

  • Start

    End


Filter by number of...

Joined

  • Start

    End


Group


Website URL


Skype


Location


Areas I invest in


About me


Property investment interests


My skills


My goals


Interests outside property

  1. Hi, we are trying to get a small flat to refurbish and rent. The leasehold is about 85 years. We would like to ask the current owner to either increase the time to more than 115 years or ideally, get a share of freeholders (the freeholder is the owner of the flat below). We are wondering if this is possible at all, and at what cost. Weather we negotiate this in the price. And if this is possible, how long should it take. Thanks for your advice
  2. Hi All, Has anyone purchased a property with a 'good lease title'? The property we are in the process of purchasing is in the NE and has has a 'good lease title'. Our solicitor seems quiet wary of this and has said this may cause issues for when we are refinancing or selling the property. The vendors solicitors have refused to upgrade the title to an 'absolute lease title' before purchase, we have been advised to get a legal indemnity insurance policy in the unlikely event there is a claim on our lease. Our broker on the other hand has said it shouldn't be an issue refinancing, so we are a bit perplexed. For info, this will be a cash purchase, carry out renovation works to convert to a 6 bed HMO and then refinance. The lease itself has about 800 years left on it. Thanks
  3. Hi. My Mother-in-law is a leaseholder of a maisonette and recently had her gas meter changed. After fitting, the engineer pressure tested the system and found a leak somewhere past the meter and within the property - capped gas supply on safety grounds. Boiler engineer was called out and confirmed it's not from there and as there's no other gas appliances (old gas fire decommissioned years ago) it's suspected the leak is under the concrete floor. My MIL raised a claim with the freeholders building insurance provider but they said they're not responsible for the pipes and to contact the gas supplier. Gas supplier say they're only responsible up to the meter - contact building insurance. I raised a new claim with the building insurance and this time they reject it because 'no damage has occurred to the property'. I'm contesting this and currently waiting on a reply..on the basis there has to be damage to the pipe otherwise it wouldn't be leaking. My question is, who is responsible for the gas pipes within a leasehold property? I believe they are within the fabric of the building and as such should be the freeholder's responsibility. Any comments or advice appreciated.
  4. Hi all, I have just received notice via the managing agent that the block of flats, for which I have 1 flat leasehold has been condemned by the fire authority for inadequate compartmentation. The notice given is a "Prohibition Notice - Regulatory Reform (Fire Safety) Order 2005: Article 31". Essentially the fabric of the building is a fire risk. If the building is condemned or financially unviable to rectify, do leaseholders have any rights to compensation from the freeholder or other body? If the land is sold for redevelopment, again, does the leaseholder have any rights to proceeds of sale? Thanks John
  5. Hello fellow property investors I am currently look at removing the kitching in a one bed flat and relocating it into the livivng space freeing up that room to create a second bedroom. The flat is big enough to have the kitchen in the living area and the floor plan is perfect. but the property is lease hold and i am dubious about how much restinace i will incounter to make such changes to the property. There will be no need to knock any walls down or any structural work to the flat but there will need to be re-routing of water and waste. does any one here have any experince on the matter or feed back it would be greatly appreciated. thanks Lee
  6. Hi all, I'm new on here and apologies if this is not the right forum to ask this question, but I could really do with some advice. I am in the process of selling my leasehold flat, and am near the final stages. Our buyer's solicitor has requested that I pay for an indemnity policy (costing £500) due to the issue of doubling ground rent. My solicitor has disputed this point since January, and raised the point that our ground rent does not double indefinitely and only up to £600 max, meaning to her that there is no need for this policy to be put in place in the first place. Our buyer's solicitor has refused to clarify this point, even though our solicitor has made a number of requests for her to do so. The indemnity policy option was submitted to the buyer's lender who have now said they would accept having one in place, and I am being asked to fund this even though to this day our solicitor cannot get an answer as to why it needs to be in place. Another identical flat to mine sold within the same building a month ago and did not need to have one of these in place. Is there anything that I can do, or is it normal practice for a solicitor to just ignore our solicitor's request for an explanation as to why one would be required? Thanks in advance
  7. Hi all, I have come across an HMO which is being leased to a social housing group. i would be buying the freehold as the lease has been sold at a premium for 999 years. there is a separate lease for 5 yrs which details the rent to be paid by the social housing group. i am not aware of any potential issues in this transaction, should i wish to buy it, can you let me know areas i should pay additional attention to? do i have the option of changing the tenant (social housing association) to some one else or am i locked into 1 tenant for as long as i decide to hold on to the property? many thanks in advance.
  8. Hi All, I own the leasehold on a flat owned by the council. The council are planning to carry out major works to the building in the near future, of which each privately owned flat (some are still rented as council homes) will have to pay their share of the total cost. Has anyone had any experience of this? My concern is the lack of control I have over what works are done and the most importantly the bill I will have to pay at the end of it. I've heard horror stories of these costs often racking up to tens of thousands and in one case last year £146k. My second question is, if I was to remortgage to pay for these costs, what LTV it is possible to remortgage to? I currently own 25% but if for example, it was possible to remortgage to 5% (unlikely I'm guessing), would that even be advisable? Any thoughts would be greatly appreciated! Thanks
  9. Hi, As a new investor I'm after some advice. My husband and I have bought a house for rental. We were unable to obtain a HMO license as there was a local limit in the area. However we have obtained full planning permission to convert the property into two flats. My husband is now working flat out to achieve this. Do we need to legally spilt the flats into two leaseholds with the freehold in a separate limited company? We are keen to avoid these costs but are concerned that even if the physical split complies with building regs, not legally splitting the property will break the HMO laws. Any advice would be gratefully received, Suzi
  10. Hi all! I am currently purchasing two flats, both freehold (one ground floor and one first floor flat). This purchase will mean I will own the whole building (there are only two flats in this house that has been converted around 10/15 years ago). I've been going through the dilemma of purchasing through an LTD or not and finally concluded that LTD was the way to go; however because I am a first time landlord and the two flats are freehold I (my broker) has struggled to find competitive interest only mortgages and consequently wipe out the benefits entirely (and some) of going the LTD route. So now am purchasing the flats in my own name. Can I own the freehold of the land that the two flats are situated on in my own name (self-assessment) and issue two leaseholds (one for each flat) and have these in my LTD? How do you issue a leasehold when you are freeholder? Many thanks in advance!
  11. Hi, need some advice. I own a 2 bedroom flat, with 94 years remaining on the lease. I have tentatively enquired to the freeholder to extend the lease and have been provided the attached document. I have never done this before, but taking a quick look through the attached, it suggests that i have to pay/commit an amount of money/time/effort upfront to get to a position of knowing how much it will actually cost me to extend the lease? .....and even then, it appears that i tell them what i think it should cost (based on a valuation report) and then the freeholder will decide if that sum is fair and whether or not to accept or negotiate my proposal? *Is that about the sum of it? *Does anyone have any experience of this? *Is their a calculation i can do beforehand to give me a rough idea of what it will cost? *Should i be looking to extend with 94 years left? *It states the lease extension would be for 90 years plus the unexpired term of the current lease - so would that make it a a 184 year lease (94 yrs unexpired plus the 90) if i do extend it? Many Thanks Lease Extension booklet.docx
  12. Hi All! So I hope someone can shed some light on this very new scenario that is being played out before my eyes. I own a leasehold flat and the freehold was recently sold on and we have a new Property Management agency that we are paying service charges and ground rent to. I just received a letter stating that I need permission from them to be subletting the property, and need to register my tenant for a fee of £130 and from what I can see another £65 each time they renew, which is every 6 months and thats even if nothing changes. As well as £130 for each new tenant in the future. This was not something charged by the previous freeholder/management agency so a little surprised by it. Has this happened to anyone else and if so, is there anything that can be done about it? Thanks in advance! Cheers Alex
  13. I am currently part exchanging my apartment with a developer in order to buy a house from them. They have stated they require a Deed of Variation to change the lease because of a similar issue. My ground rent is £250pa, which turns the 141 years left on the lease in to an AST lease. So they want me to pay for the change of the lease so that the ground rent falls in line with the 0.1% mark, making it £180pa. I have no idea if the freeholder will accept this, and if they don’t whether the developer will pull out of my PX? Any help would be appreciated! Dan
  14. https://petition.parliament.uk/petitions/238071 10k signatures = govt must respond 100k signatures = debate in parliament
  15. Hi. I paid 6,783 to extend the leasehold on my flat (which I have tenanted / rented out). Can I deduct this from my flat income? If so then it would bring my earnings under the tax allowance per year - so hoping it's a yes. Thanks, Steve
  16. Hi, I am currently in the process of buying a leasehold property and have received the Property Information form from the seller's solicitors. Under the leasehold property information there have been a number of breaches (7 in fact) ranging from 2 years to 21 years ago. These breaches include 'laying a patio' and 'erected fence around the garden'. I appreciate these are not serious breaches however they are breaches nonetheless and I wondering if there would be any repercussions from the Freehold owner, or whether there is a time limit on such breaches to be acted upon? Should I be concerned? Any advice would be appreciated. Many thanks.
  17. Hi all, Looking for some advice as I don't seem to be able to get a clear answer from estate agent or potential conveyancers. I'm selling a property which has planning permission for the garden, as two 'lots' - the house as one, the land as one. I own both freehold and leasehold of the property, which is registered as one title at present. I'm selling the house to one party, and the land to another party. I understand I will need to split the title, but not how to do it, what it will cost, and if I need to sort that out before going ahead with the two transactions. Also I don't know if I'm selling as freehold or leasehold, and how that will work. (This came about because I bought as leasehold, 700-odd years, then had a heated debate with the freeholder over renting the property out, resulting in my decision to purchase the freehold from them and save the trouble. I'm not a strategic thinker.) Has anyone done something similar and can advise? I know it'll be more costly because of the two transactions involved, but I can't get an accurate figure at present because I don't know what the process is. Thanks
  18. I have just had the initial report back from my solicitor on a property I am in the process of purchasing. Unexpectedly the property is a leasehold (having previously been told it was freehold). There is around 850 years left on the lease. The property is a 2 up 2 down mid terrace, 2 bedroom in Greater Manchester. My initial thoughts/instinct is 'I don't want the property', mainly because I want to own the property/land outright and don't want any other parties involved which could cause problems later on down the line. I was hoping to let the property indefinitely, does anyone have any experience with leaseholds, and how it might affect me?
  19. Hi, Just wondering if anyone could give me any pointers / shed some light on a flat which has just became available. The flat is up for sale as a probate sale , it is not up at market yet but I know some of the details as the man was part of our cricket club. What I have been told is the estate agent has came around and valued this ground floor flat at around £100,000, this was before she realised it was a leasehold flat. It is not an external company who owns the freehold, each of the four flats in the block own a quarter each. I am unsure how long is left on the lease though. the flat is in need of a full refurbishment. my questions are: Is this an easier sale than a normal leasehold as I would be gaining a quarter of the freehold during sale? How am I able to find out how long is left on the leasehold for that flat? Is there any issues which I would need to look out for if the number of years left on the lease is lower than expected? Would how many years left on the lease be an issue if needed to extend as with owning a quarter of the freehold the flat you basically own the freehold on the flat in question? I am not so clued up on leasehold /freehold so if any of the above is incorrect please correct me and any information given would be appreciated. Thanks Joe Forrester
  20. Hi, Just wondering if anyone could give me any pointers / shed some light on a flat which has just became available. The flat is up for sale as a probate sale , it is not up at market yet but I know some of the details as the man was part of our cricket club. What I have been told is the estate agent has came around and valued this ground floor flat at around £100,000, this was before she realised it was a leasehold flat. It is not an external company who owns the freehold, each of the four flats in the block own a quarter each. I am unsure how long is left on the lease though. my questions are: Is this an easier sale than a normal leasehold as I would be gaining a quarter of the reehold during sale?
  21. Hi, Just wondering if anyone could give me any pointers / shed some light on a flat which has just became available. The flat is up for sale as a probate sale , it is not up at market yet but I know some of the details as the man was part of our cricket club. What I have been told is the estate agent has came around and valued this ground floor flat at around £100,000, this was before she realised it was a leasehold flat. It is not an external company who owns the freehold, each of the four flats in the block own a quarter each. I am unsure how long is left on the lease though. my questions are: Is this an easier sale than a normal leasehold as I would be gaining a quarter of the reehold during sale?
  22. Hi, Just wondering if anyone could give me any pointers / shed some light on a flat which has just became available. The flat is up for sale as a probate sale , it is not up at market yet but I know some of the details as the man was part of our cricket club. What I have been told is the estate agent has came around and valued this ground floor flat at around £100,000, this was before she realised it was a leasehold flat. It is not an external company who owns the freehold, each of the four flats in the block own a quarter each. I am unsure how long is left on the lease though. my questions are: Is this an easier sale than a normal leasehold as I would be gaining a quarter of the reehold during sale?
  23. Hello all. Me and my friend end have been in he process of buying a new build and nearly became victims of the recent spate of developers looking to charge £250 ground rent on the leasehold which doubles every 10 years. For anyone unaware of the problem with this have a quick read of this article from the guardian: https://www.google.co.uk/amp/s/amp.theguardian.com/money/2016/nov/05/ground-rent-scandal-engulfing-new-home-buyers-leasehold We have been advised by our solicitors to pull out of the deal but are of course hesitant because it is a great location and we are so far down the line. Has anyone any experience with this and can offer any advice? Has anyone managed to buy the freehold? How Much did that cost? Has anyone been able to re-negotiate the ground terms? Thanks very much for all your help! James
  24. Hi all, I'm in the process of researching a deal. I think I have found a really good one with the only issue being the lease has 98 years left on it (126 years from 1990). Now being a podcast listener , I've heard from Rob and Rob that I should be looking for at least 100 years. RMP even state they look for 125 on their fundamentals screening. What do people think? Is this a deal breaker? How easy would it be to extend the lease and how do i go about enquiring? Thanks in advance. Bob
  25. I am new to property investment and I have just set up a company to buy properties using mortgages. I have a mortgage in principle. I recently found a 2 bedroom semi-detached house (property is about 18yrs old) in the North of England. I was told by a property agent that the property is currently owned by a certain company and that it is a leasehold property with 981years left on the lease. They said I would have to pay ground rent of £55 per year. Is this figure of 981years normal?? Would it be easy to add value to the property by extending it or this is not permissible for leasehold properties? How do I protect myself from unfair increases of this ground rent in coming years? Can such a property be converted to freehold and is it worth it anyway or should I rather imagine this was a leasehold flat and just treat it so?? When I put in an offer, the agent said the company was happy with the offer but would continue with viewings until exchange was completed. In fact there is a second agent trying to market the same property. Is it safe to continue with this deal? How does one protect themselves in such circumstances? Interestingly, this in a new estate, less than 20 years old, a similar semi-detached house on the estate is being marketed as a freehold property. Does it mean anyone can simply decide to turn their property from freehold to leasehold?? What are the advantages of doing so?
×
×
  • Create New...