Cost to purchase house freehold

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Cost to purchase house freehold

    We own a 1930s semi detached house with a leasehold that has roughly 920 years to run on it. Our annual ground rent is £4.50. We recently enquired with our landlord about getting an extension done to the property and they instructed a surveying and property development company to handle the query. In short, before any consent could be granted or considered they want to charge £2000 to look at the plans and consider them, with scope for further admin and survey fees!

    The landlord has said in the alternative we could purchase the freehold for £1800 which would include all his admin and legal fees.

    I guess we would need to instruct a solicitor to take on our end of the freehold purchase, but would like to know how much roughly the legal fees should be. More importantly, we would like to know if the £1800 quoted is excessive.

    Any help/guidance would be much appreciated!

    #2
    If that £1800 includes all his fees then it is a good deal.

    Comment


      #3
      Cheers Tipper that's really helpful. Have you any idea how much as purchaser the legal fees would be? We are based in Manchester if that affects things

      Comment


        #4
        The cost for buying the freehold of a leasehold house on 999 years lease should be around 14-20 times the annual ground rent.

        The legal costs for transfer of title could be as low as £300 as there is little work required in preparing the transfer form to send to Land Registry.

        You can make enquiries for past judgements by LVT for cost of freeholds of 999 years leasehold houses at the Residential Property Tribunal Service , 1st Fl, Picadilly Exchange. Picadilly Plaza Manchester M1 4AH.

        Comment

        Latest Activity

        Collapse

        Working...
        X