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Matt Jones
Matt Jones, Solicitor
Category: Law
Satisfied Customers: 671
Experience:  I am a qualified and practising Solicitor with over 7 years post qualification experience
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I own a leasehold house in Ford Street Swindon. Purchased 3

Resolved Question:

I own a leasehold house in Ford Street Swindon. Purchased 3 years ago.
Lease is for 999 years, from 25/6/1892
Ground rent per annum £1.3s.6d (£1.18p in new money)
Purchase price £102,500
Value now approx £120,000
I would like to purchase the freehold but would like an Idea of how much it will cost before I proceed.
Thanks
wayne
Submitted: 1 year ago.
Category: Law
Expert:  Ben Jones replied 1 year ago.
Hello, my name is***** am a solicitor on this site and it is my pleasure to assist you with your question today. Yes that is certainly possible, can you please let me know what assistance or queries do you have from us (bearing in mind we cannot send the letter on your behalf as we are only an online assistance service)?
Customer: replied 1 year ago.
Hi Ben,
I am looking to get some Idea as to how much purchasing the lease is likely to cost.
I have looked around to try and get some idea of the cost of purchasing the freehold land that the house sits on, but am not having much success and cannot find examples with the remainder of a 999 year lease which is what I have. So likely cost of purchasing the lease min and max numbers. And how do I proceed?
Thanks
Wayne
Expert:  Ben Jones replied 1 year ago.
I am really sorry, my response was posted to your question in error - I was trying to reply to a different customer. Please ignore this and I will release your question to the general list so someone can assist you. Please do not reply in the meantime as it will just re-assign it back to me, thank you
Expert:  Matt Jones replied 1 year ago.
Hi I will try and help. is the Freeholder known to you, and have they/do they demand the ground rent?
Customer: replied 1 year ago.
Hello Matt,
I do not know the Free Holder, but have their details from The Land Register.
There has been no contact to collect the £1.18p annual rent.
Expert:  Matt Jones replied 1 year ago.
HI sorry for the delay. Can I just check, am I right in saying this is a house and not a flat or maisonette?
Customer: replied 1 year ago.
Yes a mid terraced house
Expert:  Matt Jones replied 1 year ago.
OK thanks. There are quite complex statutory calculations that can be attributed of the value of the freehold "enfranchisement", and these have changed over the years with various acts of parliament being enacted. The first is to establish is what method of valuation you use. Given the lease date and rent amount it is likely the "original valuation basis" would be used. However you will need to employ a valuer if there is to be a dispute. This is because part of the process involves assessing the freehold value with the property on the land, and then assessing the percentage (based on local knowledge) of the "site value" of the land. i.e that without the house on it which is what essentially the freeholder owns. In the first instance however it is worth writing to the Freeholder and establishing if you can agree sum, as this may be less costly and time consuming. From a very unscientific cross section of my own clients they have tended to be around the £1000 - £2000 for something like this, however this is purely anecdotal.
Expert:  Matt Jones replied 1 year ago.
the leasehold advisory service does offer a comprehensive summary of the various ways a freehold such as yours can be valued which is found here:-http://www.lease-advice.org/documents/Houses.pdf
Customer: replied 1 year ago.
Yes Thank you, ***** ***** have to take the legal route, what sort of solicitors fees should I expect to pay?
Expert:  Matt Jones replied 1 year ago.
It really rather depends on what you need to do, and who you choose. To simply convey the freehold into your name then this may be anywhere between £400 - £600 plus disbursements (land registry fee etc). If you have to seek a resolution to the valuation issue via the land tribunal then it is impossible to say as this depend on the hours of work involved. the most important thing to do if you cannot reach an agreement as to the value is to get a good surveyors report on this to be able to rely on. Usually these sort of matters [email protected] "go legal" but are resolved at an early stage, as the sums involve are not that large.
Expert:  Matt Jones replied 1 year ago.
Hopefully I have helped. If so kindly leave positive feedback so I can be paid for my time. the question wont close and if you have any follow up question late you can always post
Matt Jones, Solicitor
Category: Law
Satisfied Customers: 671
Experience: I am a qualified and practising Solicitor with over 7 years post qualification experience
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