Freehold purchase cost on house with 50 year lease

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    Freehold purchase cost on house with 50 year lease

    Hi all,

    I have inherited a house that has 50 years left on the lease, I am looking at purchasing the freehold and would like to know if anyone can give me an idea of the cost.
    I am still at the beginning of everything so I hope I have enough information to provide you, a similar freehold property sold on the same street 2 months ago for £240,000, it looked to be in a similar condition externally and internally from what I could see visually and on the sale brochure, I am not sure if you work the figure out with the current value with the 50 year lease? the current ground rent is £4,200 p/a.
    I did find an online calculator but it seemed to be for flats only.
    Any info would be greatly appreciated, many thanks.

    #2
    Download the free guide to leasehold house enfranchisement from www.lease-advice.org

    Comment


      #3
      Thanks for the link, spent 30 mins trying to figure it out and still none the wiser can't seem to get the formula worked out as I am not sure how they are getting some figures in their example, lots of really useful info there though so thanks again

      Comment


        #4
        You should pay a local RICS surveyor to make the calculation for you ( plus negotiate with the freeholder ).

        When did your lease start ? what was the assessed value of leasehold property for probate ?

        the annual ground rent at 4200 p.a seems rather hefty . How often does it go up ?

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          #5
          Originally posted by Gordon999 View Post
          the annual ground rent at 4200 p.a seems rather hefty . How often does it go up ?
          Sounds like a typical rip off lease to me, it probably doubles every 10 years so this becomes a "pass the buck" exercise...

          This definitely needs enfranchising.

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