Why didn’t you exercise your right to extend the lease?Same as that.....leasehold = another way to grab money from people. I was told nothing about it when I bought the flat apart from their would be a management charge every month to cover gardens, roof, communal lighting, windows.
8 years later I'm trying to remortgage and I'm informed I cannot as my lease has nearly gone below the 87 years lease that mortgage companies treat as the benchmark. Had to drop it by £25k to sell it. Gutted.
Paid a mortgage on a flat in a really nice part of London for 8 years then had to sell it for 30k more than I bought it. Could have been a lot worse I suppose but be very careful of leaseholds bluemooners.
You can extend the lease by right as an individual.Leasehold properties (mainly flats) are fraught with difficulties if there's a shithouse managing company involved. They can hike up quarterly charges as they bloody well like. However, I'm sure that there is legislation available for tenants to act together to purchase the lease at a fair price. See a solicitor (often free 1st consultation). A share of the freehold is a good selling point later on as the tenants take control of expenditure.
Not so easy in the NW of England where 35% of properties are sold leasehold.Never buy leasehold
Not so easy in the NW of England where 35% of properties are sold leasehold.
My daughter owns a leasehold flat. 999 years. Management company are brilliant, any issues are dealt with immediately. She saves on not needing buildings insurance.Buy the other 65 percent
Because my job requires me to move to either San Diego or San Francisco. SFO is even worse whem it comes to renting or buying properties as the prices are sky high.San Diego is one of the most expensive cities in the US to live in. Why move there if you cant afford to buy property ? I would also assume rentals are also proportional higher.
I know its a really nice city and I must admit its one of a very small handful of places in the US where I thought I could quite happily live. But its similar to someone in the UK saying that they like Oxford and then realising that a house is £600k, which is 16 times the median salary in the UK and for £600k you get something akin to a shoebox.
Most people unless they are born wealthy, aspire to moving to nice areas but often, like myself, start off in much less desirable places, gain a bit of equity, then move up the ladder. Putting up with a long commute to earn a decent salary.
The whole housing system in this country is a disgrace.