stilover

Looking at buying a house on a development of 2No Appartment Blocks, and 5No Houses.

I currently own an Appartment that's Leasehold (As most appartments are) but the houses on this site are also Leasehold.

Buying it doesn't bother me regarding Leasehold, but I'm thinking about when I may come to sell. Would most people be put off buying a House that's Leasehold?

There is obviously a management fee (£300 + £250 ground rent), but the development comes with electronic security gate, landscaped grounds, and window cleaning. Appartment management fee are higher, due to cleaning inside corridors etc.

The Lease is 125 years.

Thoughts please.

hodgy0_2

Personally I would never buy leasehold (except as pure investment proposition)

You are essentially buying the right to live in the space for a set no of years – you usually do not own the building or indeed the land and the lease may have lots of restrictive covenants over what you can and cannot do to the property

It may also force you to do various maintenance tasks at the behest of the landowner

I converted my London house into two separate leases a few years ago and spoke at length about it to my friend who owns a specialist surveying company who deals in leases and the leasehold reform act– it seemed to me then, when I was drawing up the lease, that it was heavily weighted in my favour as the lessor

My comment to my friend was that it seemed madness to buy a lease as you just seem to be buying the right to live in “space” – usually, as in a flat, just box in the air for a set period of time

He replied - exactly

Leasehold Reform | © Marr-Johnson & Stevens LLP 2004

but hey that’s just my view (and his)

scoobyster

I've been told that mortgage cos don't like it when a lease has under 70 years to run. When I was looking then leasehold did put me off (even 100+ years) but everywhere in my budget (mostly flats) was leasehold so that's what I ended up with. The management co for my flats is pretty useless so I'm going to look into setting something up myself next year. Hoping to buy the freehold at the same time. Anyone done similar?

Coffin Dodger

I'd rather not with a house, so yes it would put me off, security gates or not.

With flats it's normal.

Looked at a placed with a "flying freehold" and that was enough to put me off (Garage roof of the property in question was supported by the neighbours outside wall, i.e. sort of link detached, so you had some sort of responsibility to maintain something to prevent you neighbours garage falling down and vice-versa. Really confusing )

paulwrxboro

over 90 years is ok IMO

cookstar

iTrader: (6)

It would put me off as a potential purchaser, when you come to sell it on again.

bighead

iTrader: (1)

just buy the lease off the owners...problem solved

jjones

when does a flat become an appartment?

cookstar

iTrader: (6)

Normally when you are trying to sell/rent it out.