Thanks for your comment. In this instant if you own the freehold then you choose to appoint the building management company so have a lot more control over how everything is managed.
When you say a few years ago does that mean the 60s? My fathers whole estate was built then, every uear he pays ground rent. It is currently 15 pound a year. How can I find out about extending it or even how long is left?
If you contact the freeholder (the person you pay the ground rent too) they will be able to give you details on the lease length remaining and the options you have to extend.
Very informative, thanks! Three questions for you: 1. Was this filmed in Nottingham? Looks familiar! 2. Do FREEHOLD apartments even exist in the uk? (i've never seen one!) 3. While it is safer buying a leasehold flat with 900+years left on the lease, how can i be sure that there is no such clause that allows the owner to put the ground rents up etc..? I have heard such horror stories of these payments doubling...If so, why would ANYONE ever buy a leasehold?! Thanks!
Has in Spain and many european countries, 'leasehold' should be 'completely abolished' by the government, leaving only ground rent payable for the land it sits on.Has for 'management companies to maintain the building, these can easily be contracted by the home owners community (I have owned homes in both the UK and Spain, and this is easy for the community to set-up and finance. Within the UK this is 'out of date practice' just pure greed by both the government and specialised leasehold corporate companies who buy them from developers. It does not financially benefit the homeowner in any shape or form. The government do not need to 'review' this....they need to 'ABOLISH' it!. Has for 'ground rents'. When leasehold property is 'resold' by the original purchaser (ie a new development etc) that 'original ground' rent (ie £250) should be transferred has within the original deed also. And not changed to a 'Deed of Variation' to change the 'original' ground rent from a 'permanent' non- annual increasing one of ie £250 per annum to a 'reviewable' ever increasing one measured against RPI index. Which the same only benefits the 'leasehold companies owners' and not the 'individual' homeowner -leaseholder. So, stop the 'greed' and abolish both. And let the 'homeowner...be the 'homeowner'.
Leasehold is simply rent paid in advance (future rent payments discounted at market borrowing rates). Yeah, you own nothing and you are happy - Klaus Schwab.
@@Wabsy1 it sounds like your lease may have an element of services charges for the upkeep of private roads, lighting etc. This is often called Estate Charges. Do you live in a leasehold home by any chance? Not an apartment/flat?
@@MarketAppraisal I'm freehold I bought the property via rtb December 23, the housing association we bought the house from now tells us we need to pay 25.10 a month service charge to maintain a street light in an alleyway
@@Wabsy1 thanks for explaining. I would initially ask them to provide the documentation showing that you are liable to pay such a charge. This way you should be able to figure out whether this is a mistake their end or whether you are some how contractually bound to pay this service charge. I would also check with your conveyancer that handled your purchase as they should have been aware of any service charge obligations you may have as a result of your purchase. Hope this helps.
Leasehold doesn't mean you own the home but not the ground it's built on. You don't own a single brick....leasehold just means you own the right to live there for a set period of time. Scummy business
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It sounds like renting. Really expensive renting that makes it seem like you actually own the place but don't.
It's not renting if you're not paying rent which is a monthly expense
So if I pay for Netflix yearly it isn't a subscription because it doesn't come monthly?
It is a very odd and often confusing way to own a property which is why it's great to finally see the government making moves to eradicate Leasehold.
Thanks for this Paul. Straight to the point - no messing about. Pretty informative and bang on video length. 👍🏿
Thanks for your comment and kind feedback!
your video is the best on YT on this subject ... much appreciated
Glad it was helpful!
Really nicely explained, digestible and concise video.
Glad it was helpful!
What if the property is in an apartment building that's a freehold but there is a building management company involved?
Thanks for your comment. In this instant if you own the freehold then you choose to appoint the building management company so have a lot more control over how everything is managed.
So u have to give the property back after the time
Technically yes! but you should be able to extend your lease before it comes to the end of the term.
When you say a few years ago does that mean the 60s? My fathers whole estate was built then, every uear he pays ground rent. It is currently 15 pound a year. How can I find out about extending it or even how long is left?
If you contact the freeholder (the person you pay the ground rent too) they will be able to give you details on the lease length remaining and the options you have to extend.
Very informative, thanks! Three questions for you: 1. Was this filmed in Nottingham? Looks familiar!
2. Do FREEHOLD apartments even exist in the uk? (i've never seen one!)
3. While it is safer buying a leasehold flat with 900+years left on the lease, how can i be sure that there is no such clause that allows the owner to put the ground rents up etc..? I have heard such horror stories of these payments doubling...If so, why would ANYONE ever buy a leasehold?!
Thanks!
I thought exactly the same thing I thought it was filmed in Nottingham also.
Can you sell a lease hold property?
Very nice video, I am relocating to 🇬🇧, haven't decided it to buy a flat closer to center London or a house further away...☺
Thanks for your comment and I hope your move went well in the end.
Is freehold property accounted under Property Plant and Equipement?
That would be a question for your accountant 🙂
What about the lease hold on the house? Can u buy the freehold from them
You should be able to explore the option of purchasing your freehold. It will depend on what's written in your lease.
Has in Spain and many european countries, 'leasehold' should be 'completely abolished' by the government, leaving only ground rent payable for the land it sits on.Has for 'management companies to maintain the building, these can easily be contracted by the home owners community (I have owned homes in both the UK and Spain, and this is easy for the community to set-up and finance.
Within the UK this is 'out of date practice' just pure greed by both the government and specialised leasehold corporate companies who buy them from developers. It does not financially benefit the homeowner in any shape or form. The government do not need to 'review' this....they need to 'ABOLISH' it!.
Has for 'ground rents'. When leasehold property is 'resold' by the original purchaser (ie a new development etc) that 'original ground' rent (ie £250) should be transferred has within the original deed also.
And not changed to a 'Deed of Variation' to change the 'original' ground rent from a 'permanent' non- annual increasing one of ie £250 per annum to a 'reviewable' ever increasing one measured against RPI index.
Which the same only benefits the 'leasehold companies owners' and not the 'individual' homeowner -leaseholder.
So, stop the 'greed' and abolish both. And let the 'homeowner...be the 'homeowner'.
Thanks for your comment and totally agree that Leasehold should be abolished!
Thankyou so much .
Our pleasure and glad you found the video helpful.
Thanks for the information
Our pleasure!
How to make lease hold to freehold?
If you contact your freeholder you can discuss any options of purchasing your freehold from them. Is the property a flat/apartment or a house?
@@MarketAppraisal house
@@FantasyStoryCoveif you contact your freeholder they will be able to provide you with the process and cost of purchasing the freehold from them.
thx Paul wonderfulllll info...Greetings from Belgium/Cape Verde islands
Greetings and glad you found the video helpful. Thanks for your comment and support!
Why isn't it just banned across the board? Leasehold is a complete scam
Totally agree!
I have freehold home. Screw any other way.
lucky guy
Thanks for your comment! Agree Leasehold should be abolished.
Leasehold is simply rent paid in advance (future rent payments discounted at market borrowing rates). Yeah, you own nothing and you are happy - Klaus Schwab.
Agree! Leasehold needs abolishing.
Would you pay a service fee for a freehold built in the 1970s
Do you mean a service charge for the management of the property? or did you mean ground rent for the freehold?
@@MarketAppraisal a service charge there saying its for street lights and communal areas witch I have none of
@@Wabsy1 it sounds like your lease may have an element of services charges for the upkeep of private roads, lighting etc. This is often called Estate Charges. Do you live in a leasehold home by any chance? Not an apartment/flat?
@@MarketAppraisal I'm freehold I bought the property via rtb December 23, the housing association we bought the house from now tells us we need to pay 25.10 a month service charge to maintain a
street light in an alleyway
@@Wabsy1 thanks for explaining. I would initially ask them to provide the documentation showing that you are liable to pay such a charge. This way you should be able to figure out whether this is a mistake their end or whether you are some how contractually bound to pay this service charge. I would also check with your conveyancer that handled your purchase as they should have been aware of any service charge obligations you may have as a result of your purchase. Hope this helps.
Thank you.
Our pleasure, glad you found the video informative.
Load of nonsense
Totally agree! Leasehold should be abolished!
Leasehold doesn't mean you own the home but not the ground it's built on. You don't own a single brick....leasehold just means you own the right to live there for a set period of time. Scummy business
Thanks for your comment!