| Anyone purchased a house with a leasehold recently on 08:12 - Feb 2 with 2020 views | BOjK |
I've owned a leasehold flat, but seems really weird to be selling a house that way. |  |
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| Anyone purchased a house with a leasehold recently on 08:15 - Feb 2 with 2005 views | TractorWood |
A leasehold house smells fishy from the outset. It's why I'd always pay a bit more and use a decent solicitor. I looked round a Belway a few years ago and the finish was poor. |  |
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| Anyone purchased a house with a leasehold recently on 08:28 - Feb 2 with 1969 views | ITFC1983 |
I 1/2 own a part-rent part-buy so that is sold as leasehold, however it resets to 99 year lease every time it changes hands, so I am OK for now and it was my only way on to the ladder at the time.
I agree what has happened here is totally wrong and I feel for the people affected. I can be confident that it won't happen to me in this way, plus I am hoping to sell up this summer and buy outright now I am in a better financial position. |  |
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| Anyone purchased a house with a leasehold recently on 08:28 - Feb 2 with 1969 views | GeoffSentence |
| Anyone purchased a house with a leasehold recently on 08:12 - Feb 2 by BOjK |
I've owned a leasehold flat, but seems really weird to be selling a house that way. |
It is also an unusual way to buy a house. I would assume, and I could be wrong, that people would only do this because it is cheaper than buying freehold.
I actually don't see that there is a moral problem here, unless she had been misinformed about the potential pitfalls of buying a leasehold house and in particular that someone else could buy the leasehold and there was no telling what the future price for the freehold would be. |  |
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| Anyone purchased a house with a leasehold recently on 08:32 - Feb 2 with 1938 views | No9 |
Just another example of a rancid government allowing crooks to rob the people at the bottom.
The UK is becoming a very unpleasant place. |  | | |
| Anyone purchased a house with a leasehold recently on 09:18 - Feb 2 with 1888 views | factual_blue |
| Anyone purchased a house with a leasehold recently on 08:32 - Feb 2 by No9 |
Just another example of a rancid government allowing crooks to rob the people at the bottom.
The UK is becoming a very unpleasant place. |
Nothing new. My first house - a new build - was leasehold, but I also bought the freehold for about a grand at the outset, knowing it was the sensible thing to do, particularly when selling again.
This was in 1984, by the way. [Post edited 2 Feb 2017 9:19]
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| Anyone purchased a house with a leasehold recently on 09:25 - Feb 2 with 1834 views | Basuco |
Out of interest, does the ground rent and maintenance charge go up steeply each year? |  | | |
| Anyone purchased a house with a leasehold recently on 09:39 - Feb 2 with 1798 views | No9 |
| Anyone purchased a house with a leasehold recently on 09:18 - Feb 2 by factual_blue |
Nothing new. My first house - a new build - was leasehold, but I also bought the freehold for about a grand at the outset, knowing it was the sensible thing to do, particularly when selling again.
This was in 1984, by the way. [Post edited 2 Feb 2017 9:19]
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I listened to a lot of discussion about this on the radio -
Yes years ago you bought a house with a lease & tried to negotiate to buy the ground & normally it was a reasonable business.
Now as I understand it the house buyers are not being told about the leasing arrangements until it is to late to pull out of the purchase then the lease is sold on & the new leasholder can push up the grpound rent as and by how much he wants to. | | | |
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| Anyone purchased a house with a leasehold recently on 09:47 - Feb 2 with 1779 views | Basuco |
| Anyone purchased a house with a leasehold recently on 09:39 - Feb 2 by No9 |
I listened to a lot of discussion about this on the radio -
Yes years ago you bought a house with a lease & tried to negotiate to buy the ground & normally it was a reasonable business.
Now as I understand it the house buyers are not being told about the leasing arrangements until it is to late to pull out of the purchase then the lease is sold on & the new leasholder can push up the grpound rent as and by how much he wants to. |
The developers have realised a scam, why sell the house and land when you can sell them separately and make more money? | | | |
| Anyone purchased a house with a leasehold recently on 10:16 - Feb 2 with 1741 views | GeoffSentence |
The item on this has just been in BBC news 24 and there are couple of bits of information about the first case that aren't clear from the website.
Her conveyancer gave her the correct advice BUT it was never made clear to her that Bellway intended to sell the freehold.
The freehold purchaser was a pension fund using it as part of their long term investment strategy. | |
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| Anyone purchased a house with a leasehold recently on 12:26 - Feb 2 with 1630 views | ipswich78 |
Ignorance on the buyers part though?
"She thought nothing of it, and says she was told she would be able to buy her freehold after two years, believing it would cost between £2,000 and £4,000."
Unless you've got that sort of thing in writing it's worthless. Top tip with buying anything, if in doubt get it in writing. |  |
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| Anyone purchased a house with a leasehold recently on 12:31 - Feb 2 with 1608 views | MedwayTractor |
| Anyone purchased a house with a leasehold recently on 12:26 - Feb 2 by ipswich78 |
Ignorance on the buyers part though?
"She thought nothing of it, and says she was told she would be able to buy her freehold after two years, believing it would cost between £2,000 and £4,000."
Unless you've got that sort of thing in writing it's worthless. Top tip with buying anything, if in doubt get it in writing. |
Agreed. Caveat emptor - "let the buyer beware". I see that she used a solicitor recommended by the developer, might even be a case for her to make a claim for damages due to conflict of interest. The solicitor recommended by the vendor developers is hardly likely to give advice against their interests.
The only problem with going down the damages route is that she would have to use another solicitor! |  |
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| Anyone purchased a house with a leasehold recently on 12:37 - Feb 2 with 1582 views | MedwayTractor |
| Anyone purchased a house with a leasehold recently on 08:32 - Feb 2 by No9 |
Just another example of a rancid government allowing crooks to rob the people at the bottom.
The UK is becoming a very unpleasant place. |
Utter nonsense. Freehold and leasehold property titles have existed in this country for centuries.
Anyway No 1: If you read the original article, she bought the house three years ago, not during the term of the present administration.
Anyway No 2: The people at the bottom are hardly those who have got the wherewithal to buy a house. | |
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| Anyone purchased a house with a leasehold recently on 12:38 - Feb 2 with 1582 views | Ryorry |
| Anyone purchased a house with a leasehold recently on 12:26 - Feb 2 by ipswich78 |
Ignorance on the buyers part though?
"She thought nothing of it, and says she was told she would be able to buy her freehold after two years, believing it would cost between £2,000 and £4,000."
Unless you've got that sort of thing in writing it's worthless. Top tip with buying anything, if in doubt get it in writing. |
Yes, caveat emptor." Katie knew the house was leasehold " - why on earth didn't she do some basic research - or get a conveyancing solicitor who would (should anyway) have explained it to her.
We're constantly being told by money programmes these days "for most, a house is the most expensive purchase you'll ever make, so do your homework and get legal advice".
Edit: sorry, written before seeing MedwayT's response. [Post edited 2 Feb 2017 12:40]
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| Anyone purchased a house with a leasehold recently on 12:46 - Feb 2 with 1544 views | ITFC1983 |
| Anyone purchased a house with a leasehold recently on 12:38 - Feb 2 by Ryorry |
Yes, caveat emptor." Katie knew the house was leasehold " - why on earth didn't she do some basic research - or get a conveyancing solicitor who would (should anyway) have explained it to her.
We're constantly being told by money programmes these days "for most, a house is the most expensive purchase you'll ever make, so do your homework and get legal advice".
Edit: sorry, written before seeing MedwayT's response. [Post edited 2 Feb 2017 12:40]
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Completely agree and I did exactly that when I bought mine even though it was through the government shared ownership scheme as I was concerned about the possible consequences.
I was also advised by my solicitor and also my mortgage adviser about the situation so I was well aware what I was signing up to! | |
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| Anyone purchased a house with a leasehold recently on 13:20 - Feb 2 with 1477 views | oldbluestu |
If I was her I would go for the solicitor who handled the original purchase as it appears the solicitor didn't perform sufficient due diligence and/or advise her appropriately.
Although there are so many rouge solicitors out there I'm not surprised if it did happen |  | | |
| Anyone purchased a house with a leasehold recently on 14:57 - Feb 2 with 1387 views | GeoffSentence |
| Anyone purchased a house with a leasehold recently on 13:20 - Feb 2 by oldbluestu |
If I was her I would go for the solicitor who handled the original purchase as it appears the solicitor didn't perform sufficient due diligence and/or advise her appropriately.
Although there are so many rouge solicitors out there I'm not surprised if it did happen |
Well, I watched the piece on Victoria Derbyshire about this which gave a bit more background than you get in the article on the web page. I know we don't listen to experts anymore, but their expert was quite clear that her conveyancer had given her all the correct advice, the only piece of information that she appeared to be missing was that Bellway actually intended to sell the freehold. | |
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