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Should I buy Leasehold house?

I’m currently looking to buy a second property together with my partner and there seem to be an awful lot of Leasehold properties (houses) around North Manchester/Rochdale/Oldham. From the reasearch I’ve done so far, there should be no reason why a house should be Leasehold rather than Freehold but I’ve been told by multiple sources this is quite common in this area. I’m already ruling out new build properties but I’m still reluctant about putting an offer in on an older house. Whilst there is normally very long lease and minimal ground rent charges, I’m still concerned about clauses involving doubling ground rent charges every so many years, having to pay legal costs for both parties, or having to pay for the landlord to give their consent if I want to make any significant work to the property. I’m also thinking about buying a freehold from the landlord but I believe that cost can vary significantly. Could someone provide me with a guidance/clarity in this subject matter?

Asked on Sep 28 2017, General in Manchester | Report content

Answers (3)

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  • Greg, while all leases should be legally qualified by your solicitor, the doubling ground rent clauses prominent in the news relate more to leases created in the last ten years. On older properties across the North West, the ground rents are normally pre-decimalisation and fairly fixed. The Freeholds if the Freeholder can be traced can normally be bought for sub £1000.

    Answered on Oct 2 2017, Report content
  • Hello Greg - It's likely that others looking to buy in that area will have the same concerns which might supress the prices somewhat. It might be worth finding out how much buying the freehold would be and trying to incorporate that into your offer.

    Answered on Oct 6 2017, Report content
  • To support Owen's points also, the longer leases tend to be cheaper.

    Answered on Oct 6 2017, Report content

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