topflat29

If you are a small block , you can make the enquiry and see  what terms  the crown  demands  from leaseholders

Copied from RICS  :   Guidance Notes on  1967 Leasehold Reform Act  (  Notes  issued  Dec 2015) 

When originally enacted the 1967 Act applied to ‘lower’ value houses and gave tenants the right to take either an extended lease or to enfranchise (buy their freehold interest). The principle behind the basis of valuation (section 9(1)) was that the land (the site) belonged to the freeholder, and the building (the house) belonged to the tenant.

Following the subsequent amendments there are five areas of valuation:

• the extended lease (at a modern ground rent)

• section 9(1) (no marriage value payable)

• section 9(1A) (marriage value payable)

• section 9(1C) (like 9(1A) with compensation) and

• section 9(1AA) (vacant possession value, subject to assumptions).

The Basis of Valuation : the land belonged to the freeholder and the building ( house )  belonged to the tenant.

Why hasn't this "basis of valuation"  applied to blocks of flats ?

On 04/02/2021 at 02:28, SteelCitylass said:

I am also an unfortunate who is having to deal with PAS property services. They have my money yet are not completing the desired paperwork that I need and have paid for for completion of the sale of my property. I have emailed and left numerous phone messages as has my solicitor. I was wondering if anyone knows who they are registered under as a property management service and what their registration number is? 

I was wondering if you could apply to the Magistrates Court for getting the documents signed ?

Does the Land Registry record show the  current   holder of  freehold title is the Crown ?   or   Bona Vacantia ?

I think you have to declare yourself as one of leaseholders in the building  by a letter  to the crown , stating  you  wish to buy the freehold title  and ask how much ? 

1. To find name of freeholder .  

If you check land registry online website and buy a copy of the freehold title  to download  for your postcode address,

Costs £3  by credit card.  Avoid the fake land registry websites.

2. Free Guide to buying the freehold title for house.

You can download a free guide to "buying the freehold title of a leasehold  house "  from  LEASE  ( www.lease-advice.org  )

3.  To search for missing freeholder -

place advert for missing person in your local paper for 3 consecutive weeks.  

Keep a   copy of  each   newspapers  as evidence  to show  to  the County Court and  FTT  etc    .

On 17/01/2021 at 19:25, soulvapour said:

Sorry if this has been asked but I'm asking if you have to still pay the 10% deposit on a mortgage you get to buy a council house?

I will be a first time buyer, and got offered my home for £40,000 when I've been on mortgage websites it asks to put in a minimum of 10% deposit. With the house been so cheap I didn't think I'd have to pay that.

Anyone bought from council? 

Thanks 

When you take out a mortgage to buy a property,  you have to study the rules of the mortgage company.       The Council does not offer  the  mortgage loan.

The mortgage lender will expect you to put up 10% - 20% deposit  and they will lend you  the other 80%-90%.

10% deposit is usually  reserved   for first time buyers but the interest rate charged on the loan  is higher and you may be required to pay admin fee  say £499 .

Here  is the link to gov website ( on leasehold reform )  announced  on 7 Jan 2021.) :

https://www.gov.uk/government/news/government-reforms-make-it-easier-and-cheaper-for-leaseholders-to-buy-their-homes

What is the unexpired years remaining on the lease and what is the annual ground rent ? 

Its usually better to buy the freehold title of the leasehold  house  before you consider adding  extension to the house.

On 07/12/2020 at 18:50, bassguitar said:

My niece  had a property transferred to her ownership some years ago at its market value. The document declared that no money was changing hands.

Since then she has managed to pay for it but this hasn't been declared to the land registry office.

Should she let them know this or is it not important?

When she sells the property, will capital gains tax be due on the profit from the value stated on the transfer document?

If the property is registered under her own name  at Land Registry , it  does not matter now about reporting  her   payment to Land Registry.

When she sells the property, the capital gain will be calculated from the sale proceeds minus the market value when it was transferred to her.

The estate agent is under money laundering rules and should have a copy of the property title in hand before advertising for sale.  So  agent would know the years remaining on the lease.

 The estate  agent is required to   check  the property  title and the  name of title holder  matches   name of  person wanting to sell.

The cost of the freehold title for a leasehold house will depend on the unexpired  years  left  on the lease and the annual ground rent.

For information of the cost of  buying the freehold title for house, you can download a free guide from www.lease-advice.org

On 29/10/2020 at 21:26, topflat29 said:

Stylefree ,

 

What is the  annual ground rent  and  number of years left on your  lease ?

Lost  a   message .     did you send me the  annual ground rent  ?

Stylefree ,

What is the  annual ground rent  and  number of years left on your  lease ?

Yes , with less than 70 years  remaining on the lease,  it is difficult  for a  prospective buyer  to get a mortgage. 

So  Bassguitar  will have to look at extending  the lease .  So make an informal   offer at £10K  and watch if  freeholder shows  any interest .

If the property has a leasehold title record at Land Registry ,  it should show the name of  a leaseholder.  Have you checked registered details of  the other flats in the  same building  ?

If the  computer  records  system operated by Land Registry ,  does not give any  name,     you should visit the Land Registry  Office for your town or city  and ask the LR Customer Service Officer..

Shazzam,

The  general info  about the  FTT  service   and    other  free guides on  other leasehold  issues  can be downloaded from LEASE website  :

https://www.lease-advice.org/advice-guide/application-first-tier-tribunal-property-chamber/

Sheila, 

Make a  written complaint against the solicitor to the  SRA ( Solicitors Regulation Authority ).  

Absolute title is the best form of ownership and is granted when the Land Registry is satisfied with the freeholder’s/lessor’s title.

Good leasehold title is granted when the registry is satisfied regarding the leaseholder’s title to the property but not satisfied regarding the freehold title. An example is when the freeholder cannot be identified.

The Law Commission posted this on their website  at 21 July 2020.

https://www.lawcom.gov.uk/millions-of-leaseholders-to-benefit-from-law-commission-reforms/

Professor Nick Hopkins, Commissioner for property law said:

“The leasehold system is not working for millions of homeowners in England and Wales. We have heard how the current law leaves them feeling like they don’t truly own their home.

“Our reforms will make a real difference by giving leaseholders greater control over their homes, offering a cheaper and easier route out of leasehold, and establishing commonhold as the preferred alternative system. The reforms will provide a better deal for leaseholders and make our homes work for us, and not somebody else.”

To find the name of  current freeholder, check the property title at Land Registry Online by entering your postcode address  and you will be offered choice of "freehold title" or "Leasehold title".        You can buy a copy by paying £3  using your  credit card and download  the  freehold  title.  Avoid the fake  websites which look like Land Registry and will charge  more.    If the current freeholder is a limited  company, check the  company registration at Companies House website.

To find the procedure for buying the freehold of leasehold houses , download the  free guide from LEASE website.  : 

https://www.lease-advice.org/faq/i-own-a-leasehold-house-how-do-i-buy-the-freehold/

https://www.lease-advice.org/advice-guide/houses-qualification-valuation/

Do study the second website link  which gives the  links to  the  2  application forms

Ethermax,

If there is still 740 years on the lease and paying  low ground rent , you can make a compulsory purchase  of the freehold title at 20 x the ground rent by applying to the FTT .

It probably costs the freeholder more than £2.50 to collect the annual ground rent from the leaseholder.

Make an offer to  the freeholder  to buy the freehold title for say £100 plus paying   the conveyancing costs. .

Buy a copy of the freehold title and leasehold title  for the post code address from  Land Registry  Online  and check the  current  owners  names.   It cost £3  by credit card  to download each  property title.

If the names are the same , the  seller is  both  leaseholder  and freeholder, it means the  leasehold title has not been cancelled .

If you want  to rent room by room  basis  to 2 or more unrelated parties , it requires HMO licence.  Check  the HMO  rules  operated by   your local council.

You should be asking the estate agent what is the charge  for  finding a buyer  under sole agency  ( for say 6-8 weeks )  and  multiple agency basis .