Landlord selling freehold rev. on houses- how much?

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    Landlord selling freehold rev. on houses- how much?

    We own the freehold of 3 semidetached houses and of the road that links them to the main road. the lease is 997 years and the ground rent we collect is about £30 pa. can anyone answer these questions. The tenants want to buy their individual freeholds.
    * do we have to sell?
    * what's it worth?
    * how does the fact that the houses will be far more easy to sell if they were freehold rather than leasehold affect the value?

    thanks

    #2
    Originally posted by alice View Post
    We own the freehold of 3 semidetached houses and of the road that links them to the main road. the lease is 997 years and the ground rent we collect is about £30 pa. can anyone answer these questions. The tenants want to buy their individual freeholds.
    * do we have to sell?
    * what's it worth?
    * how does the fact that the houses will be far more easy to sell if they were freehold rather than leasehold affect the value?

    thanks
    1. Once lessee (T) has owned leasehold house for at least two years, Leasehold Reform Act 1967 gives T right to enfranchise.
    2. Value (if lease is long, as here) is about 20 to 25 times ground rent. T has to pay L's legal fees as well as own.
    3. Really, making houses freehold adds little to value in most cases.
    JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
    1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
    2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
    3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
    4. *- Contact info: click on my name (blue-highlight link).

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      #3
      Landlord selling freehold rev. on houses- how much?

      thanks for your reply - i'll just wait and see what happens - looks like the ball is in their court
      alice

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