First Time Buy - Some Questions

Rolo Malibu 19 years ago

Hiya.

I've had an offer accepted on a flat (London) and had a few questions. I'm a bit nervy as it's so much money, so wondered if anyone could offer some thoughts on a couple of questions I have?

(1) The agent told me that the property had a 999 year lease. My solicitors had just obtained the leasehold info, and the place only actually has a 79 year lease. We're going to try and get the lease renewed before the sale, but if this isn't possible, should I think about pulling out? What other factors are there to consider in making this decision?

(2) I currently rent somewhere not far from where I'd be buying, and recently had a note through the door to say that the council has granted a license for a lapdancing club not far from where I'd be buying. There's a local residents group trying to fight the decision, but Is this likely to affect property prices too much?

Thanks for any advice.

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Stickems. 19 years ago

(1) Yes, pull out. (2) It will lower the tone of the area, pull out. Don't deal with that estate agent.

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mogga 19 years ago

If it isn't possible? Its bound to be possible, might just take time and cost someone money.

The council has made the decision - overturning it is harder than finding a flat elsewhere, I'd imagine. Ask for a reduction in price due to this.

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Miss L. Toe 19 years ago

I thought that leaseholders now had the legal right to purchase the freehold for a nominal amount ????

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John Boyle 19 years ago

In message , Miss L. Toe writes

But why buy the freehold of a flat?

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Miss L. Toe 19 years ago

So that the leaseholder can't take the flat back at the end of the lease.

I know nothing of leases and leaseholds :-)

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John Boyle 19 years ago

In message , Miss L. Toe writes

What good is ownership of a piece of sky with no contractual relationship with the building below that holds it up there and the bit above that stops the rain coming in?

Fair enough!

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Troy Steadman 19 years ago

The flat holders often group together to buy the freehold of the block

- the head lease -and then lease the flats back from themselves.

But it tends to get messy. Some flat owners will refuse to participate, so you have two grades of flat, some more saleable than others.

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Troy Steadman 19 years ago

"Flat holders"? I think I mean "Lease holders"

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