Author Topic: Leasehold question  (Read 2761 times)

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willdigg

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Leasehold question
« on: February 08, 2017, 10:11:53 am »
Is it possible when purchasing your leasehold to add this fee onto your mortgage or does this have to be paid separately?

Many Thanks


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Re: Leasehold question
« Reply #1 on: February 08, 2017, 11:33:54 am »
I think you mean purchasing your freehold.
You can add this to your mortgage subject to a lender agreeing to the new total loan to value ratio.

You may also be able to add the cost of extending the length of your lease term too.
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willdigg

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Re: Leasehold question
« Reply #2 on: February 08, 2017, 01:23:52 pm »
Thanks for your reply.

Our lease is for 250 years, but we are worried about the Ground Rent prices going up each year possible or when we come to purchase it later on and costing £'s.

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Re: Leasehold question
« Reply #3 on: February 09, 2017, 05:30:46 am »
So are many others. The Government has already debated this and had promised to ban the sale of leasehold new houses and end escalating ground rents in the Housing White Paper which was published on Tuesday.

But in the White paper it is all "talk" (consult) and no "do" 

This is what was said:

Quote
"Leaseholders
4.36 The Government will act to promote fairness and transparency for the growing number of leaseholders. Leasehold has been a traditional part of the housing market in this country but there are areas where urgent reform may be needed, particularly when buying a house on a leasehold basis. New leasehold houses can be marketed at a reduced price compared to freehold. But some purchasers are not aware at the point of sale that the associated costs of buying a new leasehold house can make it more expensive in the long run. Some freeholds and ground rents of leasehold houses are sold on and traded, with leaseholders left in the dark, and facing increasing and onerous payments. This is not in consumers’ best interests.

4.37 In particular, ground rents with short review periods and the potential to increase significantly throughout the lease period may not be offering a fair deal. We are absolutely determined to address this. We will therefore consult on a range of measures to tackle all unfair and unreasonable abuses of leasehold.

4.38 We will consider further reforms through the consultation to improve consumer choice and fairness in leasehold, and whether and how to reinvigorate Commonhold. We will also work with the Law Commission to identify opportunities to incorporate additional leasehold reforms as part of their 13th Programme of Law Reform, and will take account of the work of the All-Party Parliamentary Group on Leasehold and Commonhold."

You should have had all this explained to you by your solicitor.
I take it you used the housebuilder's recommended solicitor.  You can see why this is a conflict of interest.
You should consider suing them for professional negligence and report them to the SRA and Law Society.

It is baffling as to why you have not named the hosuebuilder that has got you into this mess and effectively mis-led and conned you.
You may also be interested in the Leasehold action group on Facebook set up especially to help people like you share information and take action.
New Home Blog - New Home Expert is committed to providing help and advice for people having issues with their new homes and difficulties with house builders as well as helping potential buyers reduce the risk of possible problems if they do buy.

willdigg

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Re: Leasehold question
« Reply #4 on: February 09, 2017, 09:15:08 am »
We have not been conned, we knew it was a leasehold when purchasing.