Hello and thanks for using Just Answer.
I am Al and am happy to assist you with your enquiry.
How many years are left on your Lease and what is the estimated value of your property?
I look forward to hearing from you.
sorry i dont know ive lived here 58 years
Thanks for your reply.
As regards ***** ***** arrears, a Freeholder is only entitled to claim arrears for a period of 6 years. Therefore, you do only need to pay the last 6 years rent.
As regards ***** ***** to buy the Freehold, there is a set formula used, based on the value of the property and how many years are left on the Lease.
Most Leases were granted for a period of 99 years, and if you have been at the property for 58 years, I am only guessing, but there may only be 40 years or so remaining on the Lease. I don't know the value of your property, but if it is between £120 to180,000, you are looking at a very rough price of £8,000.
You will need to take advice from a specialist Surveyor to advise you specifically on the price.
I hope this assists and sets out the legal position.
If so, I would be grateful if you could rate my answer.
i have since been toldthe house wasbuilt in 1936 and the freeholder is asking between 20/22. thousand for the freehold also since 2000 we have not heard aything about the ground rent but now he says he wants 101. oo now, so where do i stand if i cant pay the 20/22 thousand after the lease has expired,please help me as you know i am 80 this year . Jeanne
the house was built in 1936 and the freeholder is aking for 20/22 thousand for freehold, the house is valued at about £179.000 he also want 101.00 for ground rent from 2000 upto now now but i had to remind him that i had not heard from him in all those years
I confirm the Freeholder is only entitled to claim back the last 6 years worth of ground rent, and can't pursue you for any period before that.
As regards ***** ***** Freehold, you should speak to a specialist Surveyor as to how much it should cost. There is a special formula used, and if the Freeholder is trying to charge you more than he should be, you do have the right to challenge his proposed price, and to buy it at the correct price. Your Surveyor will be able to negotiate the price with the Freeholder, for you.
The Freehold will cost more the longer you leave it.
If you do nothing and the Lease expires, legally, the Freeholder has the right to regain possession, so it is important that you purchase the Freehold. If you can't afford to buy it now, and anything were to happen to you, it would be normal and possible for your children/next of kin to buy the Freehold at the same time as when the property is sold.
I hope this helps.
that was,nt very helpful, i already knew that, this formula you quoted does that give me an idea how much the freehold would be
Yes- your Surveyor will be able to calculate the cost of the Freehold for you, and that is the price you should pay and he can negotiate with your Freeholder. Your Freeholder can't just pluck out a figure from the air!
if i cant find the 20thousand and my children cant find it what happens on completion of the leasehold expiring