Lease hold properties

Hang a second, when the law states "once you have lived there for 2 years", does this include the time you lived in the property before buying the house with the leasehold or does it start from the point where you buy the property?

i.e. I currently live in a house for nearly 2 years, about to decide if it's worth getting it under leasehold from the local district housing, the price is very fair, just concerned about the 99 year lease and the ability to extend.
 
Hang a second, when the law states "once you have lived there for 2 years", does this include the time you lived in the property before buying the house with the leasehold or does it start from the point where you buy the property?

i.e. I currently live in a house for nearly 2 years, about to decide if it's worth getting it under leasehold from the local district housing, the price is very fair, just concerned about the 99 year lease and the ability to extend.

It is from the date you are registered with the land registry as the owner. 99 years is the standard length a property starts with so I wouldn't even think about extending until it was close to 80 years.
 
True freehold flats are actually difficult to mortgage (i.e. one person owns a freehold, others leasehold) I believe.

Leasehold as mentioned is very common, share of freehold as well is a good shout if you can find one. My flat (currently selling) is share of freehold, whereby all residents own an equal share in the management company, and you still have a leasehold (extending it is academic in this case, just the cost of a solicitor).

Just make sure there are more than ample years left, or you could be in for an expensive extension if not share of freehold.
 
Some leaseholds on house are like a penny to buy from the council in fact I think they are even called penny leases or something like that. So you need to see what the actual "cost" is. A lot of these things are due to archaic laws. Flats however are different and as other people have said and you wouldn't really want to be liable for the costs of the whole flat complex tbh. Same for private roads again if other people don't pay up for something that is needed you would have to cough up for all in certain situations.
 
My house is a leasehold for another 100 odd years. I have the option of buying them out for about £400 which I'll probably do if I sell up.
 
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