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Thread: Leasehold flats

  1. #1
    Members Mustafa's Avatar
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    Leasehold flats


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    Are there any benefits to having a leasehold flat? The freeholder seems to always have you over a barrel.

    It seems to me as if it's nothing more than a 21st century con inherited from the 11th century. The concept really needs to modernised or scrapped altogether. When you buy a flat you should own it outright.

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    • #2
      Stupid IDIOT Ernest's Avatar
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      Another piece of rip off UK , even worse are leasehold houses
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      Help keep the rich richer

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    • #4
      NOT the Honey Badger Badger's Avatar
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      Having a freehold flat doesn't make much sense because there's always going to be disputes in terms of the borders between flats and what constitutes the flat's freehold land.

      Owning a share of the freehold of the whole building would make more sense. Although that means everyone has to agree on maintenance etc. They have a system over here called a co-op, which is effectively that. It usually means the price is a bit lower but you need at least 25-30% deposit and enter into an agreement with all the other owners.

      I don't really have a problem with leasehold flats, as long as the lease is 100+ years with some contracted guarantees on renewing the lease if it ever came to that. Obviously you can have issues with the building owner if they keep increasing maintenance or fail to carry out work. I think there are some legal protections there now though.
      Abso-bloody-exactly
    • #5
      Members BBassic's Avatar
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      I've got a leasehold. Two years into it and I've not had a single problem with the freeholders. Primarily because they live upstairs (I'm in a basement) and they're lovely people.
    • #6
      Members dejavuatbtn's Avatar
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      For smaller properties split into flats there will always be a perceived problem of fairness if the lease is shared - why should the guy in the basement pay for a leak in the roof; why should the girl in the top flat pay for rising damp in the basement. At least if it is owned by one person it can be fairly managed. For larger blocks there is a lot of maintenance that needs managing professionally - stairs, lifts, landings, roof, exterior and interior walls, insurance, windows etc. The main problem with this is that you pay a fortune for your flat but still have to fork out £50 a week for maintenance!
    • #7
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      Not forgetting when the lease winds down you’ll have to pay a big sum to extend it again to the freeholder.

      Leaseholds also common in Belgium
    • #8
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      No,there aren’t any.
    • #9
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      Quote Originally Posted by BBassic View Post
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      I've got a leasehold. Two years into it and I've not had a single problem with the freeholders. Primarily because they live upstairs (I'm in a basement) and they're lovely people.
      They are more likely serial killers, how do you sleep at night?
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    • #10
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      Leasehold is a Feudal system that leaves people with a depreciating asset and at the mercy of a freeholder to impose ground rent and appoint managing agents at whatever cost with little effective right of redress. Even worse, there has recently been an increase in the number of leasehold houses which can leave the homeowner receiving a demand for ground rent.

      The Government tried to take steps to address this by introducing 'Commonhold' ownership in 2002,however, they are rarer than hens teeth.

      If you're thinking of buying a leasehold flat, check how long is left on the lease. If it is less than 85 years, be wary. You cannot apply to extend the lease until you have lived there for two years, unless the previous leaseholder had commenced the application process.. If it is less than 80 years, then, personally, I wouldn't touch it. This is because if the lease drops below 80 years, in addition to the cost of extending the lease, the freeholder is entitled to what is called 'marriage value' - a payment that reflects the increase in the value of the property. This can be very costly.
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