I own a semi detached house in Newcastle upon Tyne. I am a leaseholder & pay £35 per annum to Freehold Properties Limited c/o Chancery St James. The lease term was 99 years from 1 Oct 1972.
I wish to purchase the freehold & would be grateful for any advice regarding this.
I have read the following page from 2007 on the Landlordzone forum:
http://www.landlordzone.co.uk/forums...hp/t-4921.html
The second post from the bottom by tenant29 suggests 10 x annual rent. In my case 10 x 35=£350. The LVT 100 judgement mentioned (pdf file) is similar to my case in that it is also for a rent of £35 annum from Freehold Properties Limited c/o Chancery St James. It is 10 years old now, dated 2002.
Is it Chancery St James I would make the offer to, and could I make an offer of £350 plus legal costs say £200 to purchase the freehold (with a clean title, with no new covenants) enclosing a copy of the LVT 100 judgement to justify the offer price.
Or should I be offering £700 as the bottom post on the mentioned forum page states “20YP [=twenty years' purchase, meaning twenty times ground rent as purchase price] is good in most case. Anything less is very favourable to T. “
So any advice on this matter would be most appreciated.
I wish to purchase the freehold & would be grateful for any advice regarding this.
I have read the following page from 2007 on the Landlordzone forum:
http://www.landlordzone.co.uk/forums...hp/t-4921.html
The second post from the bottom by tenant29 suggests 10 x annual rent. In my case 10 x 35=£350. The LVT 100 judgement mentioned (pdf file) is similar to my case in that it is also for a rent of £35 annum from Freehold Properties Limited c/o Chancery St James. It is 10 years old now, dated 2002.
Is it Chancery St James I would make the offer to, and could I make an offer of £350 plus legal costs say £200 to purchase the freehold (with a clean title, with no new covenants) enclosing a copy of the LVT 100 judgement to justify the offer price.
Or should I be offering £700 as the bottom post on the mentioned forum page states “20YP [=twenty years' purchase, meaning twenty times ground rent as purchase price] is good in most case. Anything less is very favourable to T. “
So any advice on this matter would be most appreciated.
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