Sooner or later leasehold will go it’s nothing more than a scam this should never exist on free standing properties I assume for flats it’s more complexed issue not for houses though. It should go.
Bought my property 21 years ago with a 20year mortgage worked all the hours under the sun to pay off the mortgage , in that time the freeholder has done nothing whatsoever to the property . I am now in a position whereby I don’t have the money to extend the lease so I am now confined to having to live here until I die , and the freeholder past or present will be rewarded with a large sum of money or inheriting the property . So Angry and frustrated I won’t be voting for Labour or the Conservatives there is no difference between the two , until promises in manifestos are written into Law what they say means absolutely nothing
Who was this stupid freeholder ?....pray tell us all why you would offer 20k to buy out £80 pa ground rent when you could legally force the freeholder to sell you the freehold for peanuts 🥜. It wouldn't have cost more than 6k ....what world do you live in. Or do you just like to know how stupid people are. If you got 20k to throw away why not spend a couple of hundred quid to get good advice on how you could buy out the freehold. As long as 50% of the leaseholders want to buy the freeholder can't stop you....go and enlighten yourself...please.
My freehold was originally owned by the Salvation Army and was sold off to an "investor" without the then lessee being given a chance to bid. A lot of the ground rents bought up in the 80's went to property firms determined to screw the leaseholders, not always "big pension funds". I buy my buildings insurance through them and the policy is over priced and carries a large commission.
If there are 5 million people affected by leasehold could we counter-bribe Labour? 300 MPs at £100,000 cash each is only £30M. There needs to be an exchange of information between the public and their representatives, we know their duty and they know their price! Can't we all just get along?
I bought my property with 83 years remaining on the lease, thinking I would have one full year to sort the extension after owning for two years. However, it took so long to get my name down on land registry that now I will only have six months (from June 2025) to extend the lease...it makes me nervous. Do you think they are likely to abolish the rule that you must have owned a property for two years before you can extend the lease?
Would it be advisable not to extend my lease at the moment. I have 81 unexpired years left on the lease. I wanted to get the ball rolling before it falls below 80 years. I have been saving up to extend the lease. My ground rent is already a peppercorn. Should I wait for this new bill? Will there be any advantages to it?
If you have 81 years I would extend now, you dont really have time to wait for this to pass. My advice would be to say you know this is coming and negotiate as if this law has passed. They might be a friendly freeholder and give you a better deal. Speak to a lease extension solicitor asap do not let it drop below 80 years.
Further to my last, as a shared owner, I can only extend my lease by going down the 'informal' route, as shared owners don't have a statutory right to extend their lease. I have 81 years left in my lease, so I will be extending ASAP. My question is, when I extend using the informal route, will I still be paying ground rent? Has ground rent been abolished for all lease extensions or just ones that have been done as a statutory right?
Well, I'm screwed. I'm also a shared owner. My lease is under 80 years. It's bad enough to pay the ridiculous service charges. Typical government to back track. For shared owners, we pay more for property we don't own outright. I don't think they will be any negotiation with the housing association, and also, you are required to pay their legal fees to extend the lease . Thank you for the update James, much appreciated
To avoid any confusion, the answer is that if you negotiate a non-statutory (informal) lease extension, and the lease is regulated by the 2022 Ground Rent act, then the new (extended) portion of the lease that extends beyond the date of original term, must be charged at a peppercorn - the ground rent charged on the balance of the term of the original lease can be negotiated, but it must not exceed the original ground rent terms, although both parties may agree to a lower ground rent or even a peppercorn For instance, if the existing lease has 80 years remaining, and the ground rent is £100 pa, then this can be negotiated, but, for these 80 years left on the lease it can remain at £100 pa, but cannot exceed £100 pa - for the extended period of the new lease (beyond 80 years), the ground rent must be set at a peppercorn
Complete the sale ASAP, their solicitor should pick up on the lease. They should really pay for the lease to extend at the same time as purchase. Speak to your solicitor to advise.
I'd definitely look at that, you wont save much as the lower costs are for leases lower than 80 years. Only thing you will miss is the 990 years, but 90 is still a big increase you wont have to deal with again in your lifetime.
Does every landlord have to agree to extend the leasehold for 90yrs if you have possessed the property for at least 2 years. Can landlord not agree to extend the lease for 90yrs if so do you know on what bases?
Talk to your freeholder if his a normal person he will agree fair terms. I give my leaseholders 990 year lease extensions peppercorn ground rent. And the calculations on the leasehold calculator I charge half of what it comes out at including marriage value. I pay my solicitor's costs and they pay there's. However any leaseholders who tried to scr*w me over in the past. And were not in financial distress and chose not to pay ground rent and not answering any letters sent to them. I strictly play by the system. They will pay everything they legally are required too pay me. And pay my legal costs. All my freeholds are in London. I don't agree with the leasehold system but knew very well it was a lottery ticket guaranteed to pay out. Long time ago. If I may offer some advice buy the freehold and extend your own lease. Most of the information you need is free to access on you tube. Leasehold is not that complicated. Buy the freehold it's cheaper than the extending your lease. Tell the freeholder if he doesn't agree fair terms your going to buy the freehold. It's your legal right. As long as you can muster 50% of the leaseholders to join you. In a small 2 flat conversion it only needs you. Just remember the 50% rule. Don't listen to a random idiot like me. Get independent advice from people who you trust. First check out the free information on online. Get knowledge then get yourself good advice 👌
Hi James, I have just subscribed to your channel and watching your video regarding letting agents. My current agent got financial problem and i would like to seek your help to recommend a few good and reputable letting agents in Manchester for switching purposes. Thanks a lot!🙏
I dont own any property in Manchester sorry, but I would speak to about 10. Speak to independent ones rather than the big chains. Thanks for subscribing.
I got a property (ex council) with 89 years left, should I wait a little longer to see how the situation develops? What is your experience of renewing the leasehold form ex council? Is it cheaper than private Landlord? Thank you
If you have 89 years I would wait to see what happens, DO NOT Let it get close to the 80 year cut off. So I would take action by 83 years at the latest as the extension can take some time.
If you have 89 years I would wait to see what happens, DO NOT Let it get close to the 80 year cut off. So I would take action by 83 years at the latest as the extension can take some time.
Did they really buy the land,? My £80pa ground rent was bought for less than £1000! A building plot in Croydon with a large back garden for less than £1000 in early 1980s? Sounds like they bought an £80pa income for a set number of years, an annuity that should expire. In Ireland they allowed lease holders to buy at 9 times the yearly ground rent.
Labour will promise anything to get in power, to both sides of every argument. If leaseholds were ended the big UK pension providers would lose Billions. It's never going to happen.
Scotland managed to abolish leasehold, so can England and Wales. Even the remnants of the British Empire around the world managed to abolish it. And in Scotland, the freeholders were not even compensated, or least not by much. See Abolition of Feudal Tenure (Scotland) Act 2000, Tenements (Scotland) Act 2004 and the Long Leases (Scotland) Act 2012.
Lies, lies and more lies, most freeholders are charities, pension funds and private individual investors whereas the leaseholders are mainly buy to let landlords looking to make quick buck at someone else's expense
As a long term idiot I said my money is on the Duke of Westminster. Apart from him there are other big vested interests who would lose billions. Some random idiot ended up with quite a lot of freeholds .but I believe it's a very unfair system. It is what it is. 🤷 Lease holders need to have a massive movement to change the system. Mp's need to be made honest. Labour are puppets there handlers will never allow them to change the system. Freeholders need to be compensated for marriage value. Also the ground rent can't be stolen. If you have been on good terms with your Freeholder you'll get a good deal. If you bought a short lease in the hope of profiting from a free lease extension renewals and no marriage value. Don't believe anyone offering you a free lunch. The Conservative party is the best option for all landlords. And property investors.
