Advice on first property!

scottomus0

scottomus0

scottomus0

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Manchester
I've had a look at past threads to help but thought I'd make my own to be 100%!

I put an offer in for a house which has been accepted, been to get my mortgage approved, just waiting on their surveyors valuing the property.
Solicitors are in place waiting to go ahead.

I put an offer in based on the house being freehold, as there was no information to say it isn't and wasn't informed when viewing!

Only to find in an email sent tester from the estate agents regarding the details of the house, that it is Infact leasehold.

Now I'm worried that I don't want the house anymore because of this! But I love it too bits and would be gutted to walk away.

I messaged the vendor yesterday to find out more details but seemed either clueless or didn't want to go into details regarding costs, asking 'why does it matter anyway?"

Basically, I'm asking here, what do I need to find out exactly, to make me still want to but this property?

Lease length?
Ground costs?
Costs to change anything ?

The house is this in question:
http://www.alanbatt.co.uk/property-details/5160038/lancashire/wigan/hindley-green-3

I paid 120,000 for it

As you can see its a dorma bungalow, and had intentions of adding another at the front. Now with it being leasehold, is that even possible? Or will it cost be hundreds just asking the questions and then thousands extra to go ahead?

Sorry for the long writeup, I'm stuck! And didn't sleep well thinking about it.

Any help is appreciated!
 
If the lease term is under 95 or so years reduce your asking price - they've reduced the asking price on the website so suggests it's already a hard sell. Check ground rent (if any), management company and landlord details and any ongoing service charges which should be unlikely for that sort of property.
 
Pretty much as above.

Some leaseholds let you do pretty much whatever you want so long as they get their £8 a year they don't care.

I've just renovated a freehold that had restrictive covenants. I was told by a lawyer to ignore the covenants (just like 99% of the other houses in the st) and just buy indemnity insurance (£45).

So Freehold isn't perfect either.

You can sometimes buy the Leasehold. But depending on the family that owns it they can be total asses and want £30k (Obviously varies massively by location) or happy to get a lump some of £1k.
 
scottomus0 said:
I've had a look at past threads to help but thought I'd make my own to be 100%!

I put an offer in for a house which has been accepted, been to get my mortgage approved, just waiting on their surveyors valuing the property.
Solicitors are in place waiting to go ahead.

I put an offer in based on the house being freehold, as there was no information to say it isn't and wasn't informed when viewing!

Only to find in an email sent tester from the estate agents regarding the details of the house, that it is Infact leasehold.

Now I'm worried that I don't want the house anymore because of this! But I love it too bits and would be gutted to walk away.

I messaged the vendor yesterday to find out more details but seemed either clueless or didn't want to go into details regarding costs, asking 'why does it matter anyway?"

Basically, I'm asking here, what do I need to find out exactly, to make me still want to but this property?

Lease length?
Ground costs?
Costs to change anything ?

The house is this in question:
http://www.alanbatt.co.uk/property-details/5160038/lancashire/wigan/hindley-green-3

I paid 120,000 for it

As you can see its a dorma bungalow, and had intentions of adding another at the front. Now with it being leasehold, is that even possible? Or will it cost be hundreds just asking the questions and then thousands extra to go ahead?

Sorry for the long writeup, I'm stuck! And didn't sleep well thinking about it.

Any help is appreciated!
Click to expand...

Demand the freehold or walk away. You're not buying central london...there really is no reason whatsoever that house in that location should be a leasehold.
 
Hey,

I bought a house about 9 month ago (also my first house) and had all kinds of hilarity regarding the leasehold - all is well though. it's *very likely* we may have the same freeholder / landlord. I really don't have time to go into it all now as I'm very busy at work but I'll help you out later on. or you can email me.

my house is about 800 meters from that one! not a bad area.

just to put your mind at ret for now; my lease is 999 years. and the landlord is dead, so technically 'absent' the seller had to buy insurance to cover this fact. leasehold up and around here has a uch different meaning in reality than it does in the south they're often very long and very cheap u here and very short and very expensive down south or in expensive areas.
 
SMN said:
As above. Get the freehold or walk away, its not worth the hassle.
Click to expand...


far too drastic!
leasehold houses are very very common in the north west and often makes no difference to development. buying freehold in the north west is a completly different game to buying leasehold in London
 
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Thanks so far guys, I'm going to ring later too see what info I can get.

RB, I'm actually living up on sandy lane at the moment so only around the corner.
I looked last night at the land registry but not sure what I'm looking at, which should I purchase?
 
scottomus0 said:
Thanks so far guys, I'm going to ring later too see what info I can get.

RB, I'm actually living up on sandy lane at the moment so only around the corner.
I looked last night at the land registry but not sure what I'm looking at, which should I purchase?
Click to expand...

cool :)

I bought the plan and the register, don't have them to hand now but I remember the register being the most useful *i think* it's not going to reveal much, but it should tell you how long is left and who owns it. it's a headstart more than anything.
 
ive downloaded the register but not 100% sure what im looking for exactly! Cant seem to see it mention how long the lease has left

is it ok to upload here, or just copy paste? or should i not share its details?
 
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scottomus0 said:
ive downloaded the register but not 100% sure what im looking for exactly! Cant seem to see it mention how long the lease has left

is it ok to upload here, or just copy paste? or should i not share its details?
Click to expand...

probably shouldn't share it publicly. email it to my trust if you want and I'll send you mine too.
 
scottomus0 said:
ive downloaded the register but not 100% sure what im looking for exactly! Cant seem to see it mention how long the lease has left

is it ok to upload here, or just copy paste? or should i not share its details?
Click to expand...

Trust me the details - i'm a property lawyer.
 
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