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Aston Lawyer
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10585
Experience:  LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
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I purchase a Detached Bungalow in 2011 on leasehold land and

Customer Question

I purchase a Detached Bungalow in 2011 on leasehold land and I have decided I would like to buy the land. I have been in touch with the company who own the lease hold, and they sent me a questionnaire asking what the estimated value of my property is, how many bedrooms it has, and has a garage been built on the property, and have I made any alterations to the property?
Why would they ask these questions about the property, when they only own the land. Will the value of the house have an affect on the price of the leasehold?
There is 900 years left on the lease.
Submitted: 1 year ago.
Category: Property Law
Expert:  Aston Lawyer replied 1 year ago.
Hi there,
Thanks for your enquiry.
The value of the Freehold is calculated by reference to the market value of the property, how many years are left on the Lease and the annual ground rent.
As regards ***** ***** you about the garage/any extensions, I can only assume that there is a covenant in your Lease stipulating that you should obtain their consent for any extensions (which is quite common in residential Leases). If this is the case, and an extension has been built without their consent, then they can legally require you to pay an additional fee to them for granting retrospective consent.
I would therefore suggest that you speak to a Surveyor who specialises in this area, before writing back to the Freeholder.
Of course, if you have not built any extensions/garage, you can just proceed and confirm the market value to the Freeholder.
Please be aware however, that some Freeholders do inflate the cost of the Freehold, and therefore, once you have received their quote, you should speak to a Surveyor, to check it is reasonable, before proceeding.
I hope this assists and answers your question.
Kind Regards
Al
Customer: replied 1 year ago.
Hi Al.
Thanks for your answer, however how is it calculated?
For example:-
Value of Property = £180.000
Years left on lease = 950
Ground rent = £4.88 yearlyKind Regards
Stella
Expert:  Aston Lawyer replied 1 year ago.
Hi Stella,
I'm afraid I can't work out the value- a specialist Surveyor would need to do the calculation for you, as it is not within my expertise, as a Solicitor.
However, in my experience, it should cost approximately £1,000.
You would also be responsible for paying the Freeholders legal costs which are normally approx £500-600 plus VAT.
I hope this assists.
Kind Regards
Al
Aston Lawyer and 2 other Property Law Specialists are ready to help you
Customer: replied 1 year ago.
AlThanks for your help.Stella
Expert:  Aston Lawyer replied 1 year ago.
No worries Stella.
If I have helped, I would be grateful if you could rate my answer.
Kind Regards
Al