969 years left on our home's lease - looking for a freehold quote

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    969 years left on our home's lease - looking for a freehold quote

    Hi, this is my first time posting...we are well and truly sick of having to pay the freeholder to make changes to our home e.g. £100 to widen the driveway, £200 to replace our UPVC windows etc. etc., so we would be very interested in purchasing the freehold. We have applied for a quote (another £50 to them to ask the question...) but it has been over 2 weeks with no response is there anybody 'in the know' who my be able to provide us with a ballpark figure so that we can compare with the actual quote when it finally arrives? Our property is in Northumberland, 3 bed house valued at approx. £165,000 - £170,000, ground rent is £35 per year with no planned increase during the lifetime of the lease. The original lease was for 999 years, and we currently have 969 years remaining. Any advice would be greatly appreciated. Thanks

    #2
    Who leaseholder?

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      #3
      I did one in cramlington a similar price size house and it was 7k but there was only 55 years from memory left on lease. This was about 4/5 years ago

      Comment


        #4
        Hi, we are with CSJ/Chime Properties. We are only 20 minutes from Cramlington. Will it go in our favour to have so many years left on the lease, or would it be more expensive?! Thanks

        Comment


          #5
          The cost of buying freehold title for leasehold house on 999 years lease should be around 18-20 times the annual ground rent.

          This figure comes from a previous FTT decision in 2017.

          So make an offer pitched at 700 pounds to buy the freehold title.

          Comment


            #6
            Wow! Thank you. Hopefully they come back with something like that!! Otherwise we'll be hiring someone to negotiate

            Comment


              #7
              The details of FTT case below should help you to negotiate.

              The annual ground rent was 5 pds p.a on 800 years lease and FTT decided the cost to pay at 80 pds. ( = 16 times GR ) :

              https://decisions.lease-advice.org//...1-1000/983.pdf

              Comment


                #8
                Thank you, I'll have a read

                Comment

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