O/T property freehold leasehold ?

[JeffC]

property question

Looked at a place  which has a 999 year lease on it dating back to the 1700s.. It has  workshops/outbuildings with it which  are freehold ?

anyone tell me what that would mean Will this create any problems buying  

[Mid life crisis]

property question

Looked at a place  which has a 999 year lease on it dating back to the 1700s.. It has  workshops/outbuildings with it which  are freehold ?

anyone tell me what that would mean Will this create any problems buying  

As a guess I would think only in the year 2699        

       

[Guest]

Jeff

There may be some additional liabilities - rental or similar for the land, or other responsibilities or restriction attached.  Should not affect existing use but a good solicitor is essential.

John

[JeffC]

so when you buy it do you own it outright then  

[amc_black]

Freehold: Absolute right of ownership.

Leasehold: Absolute right of ownership, limited by time.

You could always enquire about buying the freehold. Even if you can't it wont cause you any major issues until the end of the lease. Enquire as to the annual ground rent charge, insurance etc.

Just doing my land law coursework at the moment, all about leaseholds and convenants. 2,000 words for tomorrow, I am screw*d!

[JeffC]

cant see me living till 2699 so wont worry    

[amc_black]

Yes I think, sadly, it would be a safe bet that none of us will be here in 2699!

[james grayley]

Slow down a bit...

As leaseholder, the freeholder has a right to charge you maintainence, insurances, and charges for a number of other things. The lease will state what you can and cannot do, which you are bound by.

As is suggests you get a 999year lease and you therefore need a license from the freeholder to carry out any work.

Speak to a good solicitor.

[Mid life crisis]

Slow down a bit...

As leaseholder, the freeholder has a right to charge you maintainence, insurances, and charges for a number of other things. The lease will state what you can and cannot do, which you are bound by.

As is suggests you get a 999year lease and you therefore need a license from the freeholder to carry out any work.

Speak to a good solicitor.

Better still see if you or the present owner can buy the freehold, I bought mine about 5 years ago, cost me about a grand.

     

[amc_black]

Slow down a bit...

As leaseholder, the freeholder has a right to charge you maintainence, insurances, and charges for a number of other things. The lease will state what you can and cannot do, which you are bound by.

As is suggests you get a 999year lease and you therefore need a license from the freeholder to carry out any work.

Speak to a good solicitor.

Better still see if you or the present owner can buy the freehold, I bought mine about 5 years ago, cost me about a grand.

     

The majority of which I mentioned in my orgional post....Freehold purchase and rent/insurance costs??

Was never suggesting anything on this forum is a substitute for good legal advice but Jeff C asked a direct question which I was able to answer directly....

[pistonbroke]

For what its worth the plot of land we live on was originally lease hold , but the owner decided to sell the lease on ours and all other properties on the estate .

He was asking an outrageous some of money initially but we all chipped in and got some legal advice.

The result was that the lease hold charges where costing more for the landlord to collect than they were worth i.e. it was costing him money to collect the lease .

Armed with the knowledge we were all able to buy the leasehold for a reasonable amount .

Afaik this means we are now resplonsible for all drains and etc on the plot. wheras previously the landlord was responsible for those costs . another reason why he wanted to get shut !