Leasehold?

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Leasehold?

Postby Newarrival » Mon Jul 20, 2015 7:44 pm

We're moving to the area and are amazed at how many properties are leasehold. We understand how it works for leasehold flats but what are the implications for leasehold houses. We'd really appreciate any information on this.
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Re: Leasehold?

Postby Sparkyman » Thu Jul 23, 2015 10:07 pm

Welcome to the forum.
I'm no legal eagle but as far as I know it just means we pay ground rent (in my case £12) every year instead of owning the land. Obviously when the lease is up the landowner then can take control back of the land and effectivly owns your house. The lease on mine was for 999 years in 1964 so it still has 949 years to go, so I'll worry about it nearer the time. I think you can buy the freehold if you wish for X times the £12 or whatever yours is. I seem to recall when years ago interest rates were 10% you could buy it for (in my case) 10 x £12 = £120, with interest rates so low at the moment it would probably cost you a lot more.
£12 per year in 1964 was about equivalent to a months mortgage payment, I am certain long before the leasehold is up the £12 will not be worth collecting and they'll have to do something else, in perspective it's like us looking back at the Doomsday book. Hope this helps, if I'm incorrect in my interpretation I'm certain a flurry of posts will follow (although traffic has been a little light on the site recently).
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Re: Leasehold?

Postby Newarrival » Sun Jul 26, 2015 8:50 pm

Thnaks for that
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