I currently live in a new build house which i have been in for almost 3 years. When i bought the house it was sold to us as leasehold.
I have read a lot in the news about the leasehold scandal which is going on about ground rents doubling every ten years causing leasehold house un-sellable.
Recently i have been in touch with the builder of the site and asked if it was possible for me to purchase the freehold which they have agreed for a price of £2100 plus £180 legal fees, plus £400 for my solicitors fees.
We our thinking about selling our house in the next 3-5 years and are worried that if we buy the freehold we wont get any of the money back we spent on it when selling.
Our ground rent is £105 per year and there is 997 years left on the lease.
I was wondering if anybody could give me some advice on whether its worth purchasing the freehold or leaving it as a leasehold?
We also pay service charge for upkeep of the estate we live on, i have read that once you become a freeholder of a property, you have less rights when it comes to service charge price increases.
I would appreciate feedback.
I have read a lot in the news about the leasehold scandal which is going on about ground rents doubling every ten years causing leasehold house un-sellable.
Recently i have been in touch with the builder of the site and asked if it was possible for me to purchase the freehold which they have agreed for a price of £2100 plus £180 legal fees, plus £400 for my solicitors fees.
We our thinking about selling our house in the next 3-5 years and are worried that if we buy the freehold we wont get any of the money back we spent on it when selling.
Our ground rent is £105 per year and there is 997 years left on the lease.
I was wondering if anybody could give me some advice on whether its worth purchasing the freehold or leaving it as a leasehold?
We also pay service charge for upkeep of the estate we live on, i have read that once you become a freeholder of a property, you have less rights when it comes to service charge price increases.
I would appreciate feedback.
Comment