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Thread: Leasehold flats

  1. #11
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    Quote Originally Posted by Ernest View Post
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    Another piece of rip off UK , even worse are leasehold houses
    Even worse are Lifetime Leases, preying on the elderly.

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      Wouldn’t happen in a post,Corbyn world
    • #13

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      Quote Originally Posted by Hampster Gull View Post
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      Wouldn’t happen in a post,Corbyn world
      Because you can’t establish leasehold tenure on Yurts?
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      Currently looking at purchasing a flat (which will almost certainly be on leasehold due to prices), so this is all quite interesting reading. Obviously was well aware of the 85 year rule, but was under the impression that anything around 90+ years wasn't really an issue as applying for an extension is fairly straightforward? Kind of hoping that is the case, as if not may have to have a total rethink.
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      Quote Originally Posted by Badger View Post
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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.

      "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 "

      Why would there be disputes about borders? its all on the lease in pretty colours. except there are no grey areas if you see what I mean.Never let the lease get below about 80 years as a marriage value calculation comes into force. and becomes very expensive.
    • #16
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      Quote Originally Posted by Foolg View Post
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      Currently looking at purchasing a flat (which will almost certainly be on leasehold due to prices), so this is all quite interesting reading. Obviously was well aware of the 85 year rule, but was under the impression that anything around 90+ years wasn't really an issue as applying for an extension is fairly straightforward? Kind of hoping that is the case, as if not may have to have a total rethink.
      Under the 1993 Leasehold Reform Act, most flat-owners are legally entitled to get 90 years added to their lease at a fair market price. So you would hope so........

      To be legally entitled to extend, though you need to have owned the flat for at least two years and be a qualifying leaseholder.To be a Qualifying leaseholder you must own a long lease and have owned the property for the past two years.

      A long lease is, mainly, a lease for a term of years in excess of 21 years from when it was originally granted.

      You don't need to have lived there, just owned.

      Personally, I would engage a solicitor and surveyor who specialise in Leasehold Enfranchisement as they will help you complete the Section 42 notice realistically. You are also required to pay the freeholders own reasonable legal and valuation costs, plus fees to the Land Registry. Unfortunately, you can see how the costs of the process mount up. If all this sounds like having your pocket picked by a common footpad well, then, sadly, it is.
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    • #17
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      Quote Originally Posted by Mustafa View Post
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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.
      the concept of "freehold" is on the land, so a flat not on the ground floor cannot have freehold. leaseholds have been modernised, lease holders have right buy out the freehold, and in favour of the leaseholders. what happens to communal parts of the block without a lease strucutre, the roof, hallways, grounds?
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      Leasehold with a decent freeholder is better than shared freehold with people who don’t agree to do essential repairs.
    • #19
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      Whilst there are only a few freehold flats, they are almost impossible to mortgage and therefore the value is affected, don’t confuse freehold with leasehold with share of freehold btw.
    • #20
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      Quote Originally Posted by beorhthelm View Post
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      the concept of "freehold" is on the land, so a flat not on the ground floor cannot have freehold.
      This is not true. Freehold does indeed pertain to land but doesn’t have to be directly attached to it. Whilst rare, freehold flats (including those above ground) do exist in the U.K. Just to be clear I’m not confusing freehold with share-of-freehold.
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