Grissom Posted January 18, 2009 Share Posted January 18, 2009 Just bought my ticket Link to comment Share on other sites More sharing options...
em1977 Posted January 18, 2009 Author Share Posted January 18, 2009 Well, 6 tickets have been sold so far. 3225 have viewed this thread so obviously not many have been of the opinion it's a good idea!. I will still be buying a ticket though. Even if I have been labelled illiterate, brain dead and a muppet by you forummers!! Link to comment Share on other sites More sharing options...
natjack Posted January 19, 2009 Share Posted January 19, 2009 Well, 6 tickets have been sold so far. 3225 have viewed this thread so obviously not many have been of the opinion it's a good idea!. I will still be buying a ticket though. Even if I have been labelled illiterate, brain dead and a muppet by you forummers!!Go for it, I intend to. £50 for a punt on a £100k flat seems a good gamble to me, even with the service charge. I'm going to buy a ticket when I get paid. Thanks for letting us know about it, the organisers should thank you. I think the two or three people trying to rubbish the idea, seem to have a very tenuous grasp on the legalities of owning property and what leasehold interest actually means. Link to comment Share on other sites More sharing options...
Claret Posted January 19, 2009 Share Posted January 19, 2009 BUT WOULD YOU OWN THE FLAT IF YOU WON THE DRAW that is what people are asking not a definition on leasehold and freehold, Why do you have to give the flat back (if it last that long)after 125 years the developers know we are talking about this on SF "come on" explain the details. and please no brain dead and ime greater than th ow comments Sorry, I thought that my definition of freehold/leasehold did explain this. You would not give the flat back after 125 years. No-one in their right mind would. You would request a new leasehold and the freeholder would not be able to deny your request. You would then continue to own the flat. This flat is being sold, or put up as an offer to be won, on the same terms as the majority of property in Sheffield and the majority of the flats in the UK. Think logically. No court in the land is going to let someone spend money to buy a flat only for the freeholder to take it back at the end of the lease. Back 'in the day' leases were granted for 800 years or so. This seems to have changed, especially with flats, and leases of around 125/150 years are granted. Off hand I don't know why shorter leases are now granted. Maybe it's because the terms of most leases are only applicable for a short amount of time and would be silly in 150 years. This is the same situation as you and your house. You have bought a leasehold interest in your property.... and the developers are offering a leasehold interest on the flat. The only real difference with flats is that there is a service charge to pay - which I have discussed in my previous post. And yes RiffRaff all land does technically belong to the crown. I didn't mention this as I didn't want to complicate matters further! Land law is extremely complex! Anyway, if you are a freeholder, which is the highest level of ownership you can have, it still only results in you having an interest in the land, i.e. a freehold interest. I think that this is a great little competition. You pay £50. You may win a flat. If you do win, you don't pay legal fees etc. You then rent the flat out. Ok you are liable for a portion of the service charge and the ground rent (probably around £150 a year), but if you can't rent it out, you sell it at auction for, say £60k and walk off with the profit! If you can rent it out, you may the service charge and ground rent out of the rent received and use it to invest for your pension! The housing market is bad, but rental is ok, so you should be able to let it out. If not, then someone will buy it, just at the right price. You will have only paid £50, so whatever you get will be a bonus! Link to comment Share on other sites More sharing options...
theripsaw Posted January 19, 2009 Share Posted January 19, 2009 The house i live in is mine every brick inside and outside, every blade of grass in the garden is mine i have paid for them no one can take it away from me, it is MY house i own it. But the land that it is built on is leasehold which i dont own i pay £50 per year to Manor castle to have my house built on this land and nobody can claim this house it will fall down before the lease runs out, so tell me is there a difference with this flat and my situation Technically you didnt pay for every brick etc -you paid for a leasehold interest in the land - which happens to have a house sitting on it which you have decided to live in, and you pay £50pa for the right to occupy that bit of land, house or no house. You dont have as many rights as a freeholder. You may have to ask Manor Castle permission to do certain things- your lease will lay out the terms of your occupation. Generally the people that live in flats own every brick indirectly & collectively via a company that is set up purely to hold the property. The flat owners will each have a share in the company- 10 flats, 10 shares. There is little fundamental difference between the situation re this flat and your house- its just a bit more complicated. Link to comment Share on other sites More sharing options...
Dave650 Posted January 19, 2009 Share Posted January 19, 2009 I've been tempted but £50 is too much for something that just won't happen for me and ofcourse the risk of there not being enough tickets sold. Also if you don't actually own the flat how do you go about reselling it? Link to comment Share on other sites More sharing options...
Darbees Posted January 19, 2009 Share Posted January 19, 2009 I think I might buy one because it's worth risking £50 to possibly get the opportunity to laugh at the mardy, thick, jealous, cynics who think I've been conned if I win. I'll throw a party for them there too in 2134, the day before the lease runs out (and it gets renewed). Link to comment Share on other sites More sharing options...
Dave650 Posted January 19, 2009 Share Posted January 19, 2009 I think I might buy one because it's worth risking £50 to possibly get the opportunity to laugh at the mardy, thick, jealous, cynics who think I've been conned if I win. I'll throw a party for them there too in 2134, the day before the lease runs out (and it gets renewed). I was thinking similar thoughts (apart from the being alive in 2134 bit) Link to comment Share on other sites More sharing options...
RockDrummer Posted January 19, 2009 Share Posted January 19, 2009 I see they've changed the wording on "The Prize". It now says ownership of the flat as well as the original leasehold burble. Link to comment Share on other sites More sharing options...
kidley Posted January 19, 2009 Share Posted January 19, 2009 I thought i owned my house but apparently i don't Link to comment Share on other sites More sharing options...
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