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neil324

Leasehold

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Found a repo house that has been SSTC for 3 months and have been told they have just discovered it only has 23 years remaining on the lease.

Not sure what the bank are going to do with it, buy the freehold then re-market it or just drop it at auction.

House has a market value of around 150k, how much would it cost to buy the freehold when you have owned it for 2 years, i'm guessing quiet expensive maybe 20k or even more.

Can the bank even buy the freehold.

Not sure how to approach it, wait to see what happens or step in with a low ball cash offer.

It went SSTC within 24 hours at 115k, not viewed inside but imagine it needs work, a freehold repo, same house better condition sold last month for 124k, so even 115k freehold would have been slightly expensive.

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Found a repo house that has been SSTC for 3 months and have been told they have just discovered it only has 23 years remaining on the lease.

Not sure what the bank are going to do with it, buy the freehold then re-market it or just drop it at auction.

House has a market value of around 150k, how much would it cost to buy the freehold when you have owned it for 2 years, i'm guessing quiet expensive maybe 20k or even more.

Can the bank even buy the freehold.

Not sure how to approach it, wait to see what happens or step in with a low ball cash offer.

It went SSTC within 24 hours at 115k, not viewed inside but imagine it needs work, a freehold repo, same house better condition sold last month for 124k, so even 115k freehold would have been slightly expensive.

Not sure how a bank lender now selling as repo would only just have noticed the lease is down to 23 yrs. In doing the lending the solictor would have a duty to report on the title or was negligent. Anyhow, a long lease of residential homes must be extended on application, so basically it's a paperwork exercise. Many are granted as 999 yr leases now, so nobody ever has to do a thing. (ADOPT A SCOTS ACCENT AT THIS POINT)....Wee'll all be dead and the wee building will ha'' gone dust to dust.

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Leasehold Advisory Service, the information service for leaseholders, gives an example of a flat with a 68-year unexpired lease, on a ground rent of £50 pa, with a current value of £150k, and an improved value of £165k. An extension of 90 years is likely to cost £8,250.

But the same property, on a lease with only 35 years to run, could set you back a whopping £55,368.

http://www.findaproperty.com/displaystory.aspx?edid=00&salerent=0&storyid=10207

Wow the house is maybe worth about 40K

Ive seen property come to auction with as little as 7 years remaining, but can't remember what price they obtained.

How has the bank allowed this to happen?????????? :lol: Looking on nethouseprice there no previous sale price but obviously they allowed the owners to re-mortgage.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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