topflat29
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Posts posted by topflat29
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On 07/02/2019 at 01:52, bigrbuk said:
Long term goal is to buy freehold revision, but the previous owner paid to extend lease and in the process bumped the ground rent right up, which makes it too expensive for us right now.
What is the unexpired years term for your leasehold house and current ground rent ?
The Government has announced its intention to end sale of new houses under leasehold title .
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The free guide to valuation to buy the freehold title for leasehold house can be downloaded from LEASE :
https://www.lease-advice.org/advice-guide/leasehold-houses-valuation/
There is an example valuation for leasehold house with 65 years remaining and market value at £120K , the cost for buying the freehold title came to around 6%.
So for your leasehold house with 70 years remaining , the cost may be roughly around 4% ( its just a rough guess ).
If you are looking for a solicitor with experience in L&T matters , then Jeffrey Shaw is a good choice to ask for a quote
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The Housing Minister at that time had good intentions but during passage through Parliament , the draft legislation for 1993 Act was knocked out of shape by MPs and Lords backing the interests of developers and freeholders .
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Any legislation to cover payment date of billing service charges like s166 c.3a for billing ground rent ( not less than 30 days or more than 60 days from serving notice ) ?
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The calculation method for "cost of statutory lease extension" can be downloaded from :
https://www.lease-advice.org/advice-guide/lease-extension-valuation/
But calculation method may not be reliable for a lease term , fallen below 30 years.
So you need to seek advice from a specialist surveyor .
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You can buy a copy of the property title for your post code address from Land Registry Online to download and pay by credit card costing £3. This should show the starting date of lease and the unexpired term remaining on the lease . Is your lease for 100 years at £2 ground rent ( unlikely ) or 900 years ?
You can download a free guide to buying the "freehold title" for a leasehold house from www.lease-advice.org . Also another guide which gives example of the cost to pay for buying the freehold title.
If you want to seek paid professional advice , you can consider the solicitor who contributes to this forum.
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You need to have been the registered owner of the house for two years. In most circumstances it does not matter whether you live there.
Nothing to stop a leaseholder making an informal offer before the 2 years waiting time are reached..
Download the free guide to buying the freehold of the house from www.lease-advice.org .
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There is a sample calculation in the free guide ( based on site value only ) .
example: assume a house with 28½ years presently left on the lease, a fixed annual ground rent of £6.25 and an estimated freehold vacant possession value of £160,000.
The price to purchase the freehold came to £12,600.
A second example calculation ( Valuation by the special valuation basis ) :
A house with an unexpired term of 65 years and a rent of £50 a year has a vacant possession value estimated at £120,000.
The price to purchase the freehold came to £7,164 .
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The Leasehold Reform Act 1967 (the 1967 Act) gives leasehold tenants of houses the right to buy the freehold. The right to compulsorily purchase the freehold (and any intermediate leasehold interest) is termed enfranchisement. Some freeholders will sell the freehold without the need for a formal claim, but, whether a claim is made or not, the leaseholder should obtain professional advice to find out roughly what the whole process will cost.
Because the basic right has been extended over the years by various amendments made to the 1967 Act, the rules for calculating the price are somewhat complicated.
https://www.lease-advice.org/advice-guide/leasehold-houses-valuation/
The 1967 Act provides two distinct bases for the valuation of houses under the Act. These are generally referred to by the relevant section of the 1967 Act, as follows:
Section 9 (1) – the house will be valued according to the original valuation basis, that is, the value of the site.
Section 9 (1A), 9 (1C) – the house will be valued according to the special valuation basis, that is, the value of the house, including a share of the marriage value.
The valuation method under which the house is to be valued is not a matter of choice by the landlord or the leaseholder but is determined by the qualification criteria.
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( Copied from the free guide at www.lease-advice.org )
As stated above, completion can take place 4 weeks after agreement on the price. However, the completion date itself is triggered by a notice, given by either party, specifying the first working day four weeks after giving the notice.
If either party is failing to comply with its obligations arising from the tenant’s notice or statutory conditions, a two month “default” notice can be served by the aggrieved party. This notice should refer to condition 10 of the statutory conditions, specify the default and require the other party to make it good before the expiration of the notice.
If the tenant fails to comply with the above notice the contract is discharged and the landlord can forfeit the deposit. If the landlord fails to comply, the contract is discharged, the tenant does not have to pay the landlord’s costs and his deposit is returned.
In most cases the tenant will wish the contract to be completed so is unlikely to serve a default notice. They are more likely to seek to use other remedies such as seeking specific performance of the contract (ie obtaining a court order to force the landlord to complete.
https://www.lease-advice.org/advice-guide/houses-qualification-valuation/
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Before the introduction of AST letting agreements in mid 1990s and before BTL mortgages came onto the market , the traditional building societies followed the rule to allow only one mortgage loan which had to be fully paid off on reaching retirement age at 65 years.
I believe that Halifax Bank will now let your mortgage loan run up to 80 years age but many other mortgage lenders still want the mortgage loan paid off on reaching 65 years age, when the job ends and many have to live off their meager state pension .
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You can usually appoint an estate agent to sell on "sole agent" basis at say 1% sale commission basis or "multiple agent" basis at 2% commission and usually for 2 -3 months period ( no commission to pay after agreed period ends ) . If there is a clause to pay commission up to 2 years in the agreement , cross that clause out and initial it. Don't just accept the all terms without questioning if it is right for you. Some negotiation is always possible.
Its best to choose an estate agent with shop near the main bus station or railway station and not too far from your property. If it does not find a buyer , then you have to reduce the asking price slightly if you are looking to sell quickly.
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Buy a steam cleaner which are advertised on TV and clean by DIY.
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Better to buy another smaller sofa .
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For many cases of "leasehold house" , the land site only belongs to the freeholder and whilst the house belongs to the tenant.
So the tenant pays annual ground rent for being on the land belonging to the landowner. The building insurance cover for the house should belong to the tenant and tenant has no need to pay the freeholder 's chosen insurer .
You should report this matter to FMA ( Financial Markets Authority. )
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You can send a message by email and not guaranteed to be received by the recipient due to computer hacking and software failure.
But for contract agreements, its best if you send notice to terminate by registered letter.
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If you study section 7.3 in the free guide by LEASE , there is no fee to pay.:
https://www.lease-advice.org/advice-guide/service-charges-other-issues/#27
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The Law Commission are holding a consultation on leasehold reform and asking for comments of the fair price to pay for leasehold enfranchisement to collectively buy the freehold and statutory 90 years lease extension.
Should the freehold company be fully compensate for their loss of ground rent.? Figures of around 10 x annual ground rent have been proposed but this will not be acceptable to the freeholders who can hire agencies to lobby Minister and senior civil servants around Westminster.
Just remember the owner of the property is called freeholder because he owns the freehold title. The owner of a leasehold property is just owner of a long term rental agreement .
So have your say and give some reason to get the ground rent reduced to Nil and propose paying 10 - 15 times annual ground rent.
You can state the tax reason is because the leaseholder pays tax at 20% and 40% on job earnings but the freehold company owning the freehold title of your building pays tax at 19% after deducting loan interest from the rental income which is very little. This is not fair to leaseholders and many BTL leaseholders of flats are squeezed for subletting consent fees .
So visit the Law Commission website and contribute to the Public Consultation because more response will give better chance to lower the cost for leaseholders.
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Have you inspected the wall on the outside ? It may be the cement filling between the bricks have dropped out and wall needs re-pointing.
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You can serve a notice which allows you to choose the insurance provider.
---------- Post added 07-11-2018 at 17:42 ----------
What is the unexpired years remaining on the lease term ? What is the annual ground rent ?
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answer to same problem is given on this lemonfool website :
https://www.lemonfool.co.uk/viewtopic.php?t=13832
---------- Post added 05-11-2018 at 06:34 ----------
This firm offers external insulation but don't know if you can get in local shops.:
http://www.insulationandlagging.co.uk/Pipe-Insulation-Lagging/External-Pipe-Insulation_2
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Are the windows wet because you still have the original single glazing and wooden frame in the bedroom window ?
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Try looking at Wickes or Magnet Joinery .
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Try googling "RICS Surveyor in Sheffield" or look for surveyor working at one of the estate agents near "your house".
Notice of assignment
in Sheffield Property & Housing
Posted
And attach a copy of the new land registry title showing transfer to your name and give your contact address for any legal notice or ground rent demand.