Hi all,
From October this year we would have been in our new build for 2 years, which according to the contract, we are eligible to purchase the freehold for 25 * annual leasehold fee which is currently £150, so in total £3750, I understand we’ll need to pay legal fees for both sides which from what I can gather is around £700-£1000, so we’re looking at between £4450 - £4750 to purchase the freehold.
What I want people’s opinions on is, is it worth buying now? or at all? £5k at present is a lot of money for us, although it is doable, I don’t see us moving for at least another 3 years. The reason we’re thinking of buying is because we think it will put a lot of potential buyers off, but is this true? I mean it’s only £150 a year for the first 10 years, then increases by RPI. The reason we’re thinking of buying now, rather than in a couple of years is because of the horror stories of them being sold to a random company, who, as far as the contract states, can’t change the price, but they could make it difficult, I dunno?
What are peoples opinions?
Thanks.
From October this year we would have been in our new build for 2 years, which according to the contract, we are eligible to purchase the freehold for 25 * annual leasehold fee which is currently £150, so in total £3750, I understand we’ll need to pay legal fees for both sides which from what I can gather is around £700-£1000, so we’re looking at between £4450 - £4750 to purchase the freehold.
What I want people’s opinions on is, is it worth buying now? or at all? £5k at present is a lot of money for us, although it is doable, I don’t see us moving for at least another 3 years. The reason we’re thinking of buying is because we think it will put a lot of potential buyers off, but is this true? I mean it’s only £150 a year for the first 10 years, then increases by RPI. The reason we’re thinking of buying now, rather than in a couple of years is because of the horror stories of them being sold to a random company, who, as far as the contract states, can’t change the price, but they could make it difficult, I dunno?
What are peoples opinions?
Thanks.