Thanks so much for your generous sharing! I am first time buyer and I saw a listing by auction that selling a flat with only 4 years lease left, it’s cheap, but it has a condition that section 42 is not served by the seller. I have watched your videos and kinda know this would cause trouble as 1/ marriage value is terrible high ( though I don’t know how high as it’s by auction,I asked for the cost of renewal and they said they didn’t have such info), and the previous owner do not serve section 42 ( I know the owner had lived there for more than 2 years , but why so reluctant to proceed the section 42?) so if that’s the case, I have to wait for another 2 years after buying the house to serve for section 42 and I may not be able to renew the lease ? 😮 is that the case? Thanks for your help and I hope to see what I can do about this 😢thanks
Always informative! I'm seeing a lot of changes in the market already reflected with many reducing ground rent to "peppercorn rent" or smaller amounts. The next battle for many homeowners who own flats will be service charge. I wonder if a cap or further regulation will come into place.
Thank you! I’m not sure a cap for service charge will be introduced. I think that would be something that would be difficult to do. The government are, however, making it easier for flat owners to manage their own buildings, which means they’ll have more control over service charge costs. Certain developers have already announced that they will be allowing leaseholders to manage their own buildings in new developments…
Hi thank you very informative. I am a existing leaseholder. May I know if i extend my lease now, will the freeholder still be able to increase my ground rent for the remaining period of your existing lease term? (I was being told that my ground rent will increase to 2360PA by 2045, im now paying 295) thank you again
Thank you Elliot! If I'm completely honest, I'm not 100% but I would think the reforms would apply to ltd company residential leaseholders. There are currently limitations or exemptions dependent on how many properties someone owns within a particular building, which I suspect will remain, but I would imagine the reforms will apply for ltd company residential leaseholders. It would be best to get professional legal advice on this to be certain though.
Could you please do a good about try right to buy for housing association tenants and the likelihood of this since there have been recent talks of this. Thank you really enjoy your content.
Not related to the video but it would be interesting to have contents regarding buying houses through auctions and if there is any first buyer schemes available for that too!
Hey Tiffany! The ban on ground rent doesn’t exclude council bought properties as far as I’m aware. However, the bill will not apply retrospectively, so if you’ve already bought your council home, then you won’t be covered by it. If you buy on or after June 30th, on the other hand, then it should apply
Thanks, Nessa! I explain terms such as marriage value and ground rent in more detail in the first video: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-oiF_4K-JJPk.html
Hi Do you have any video on how to successful challenge Major works charges / Bill's at the First Tier Propery Tribunal ? If not can you point me to who can help. Thanks
Thanks again, Khaled! I was hoping the part I explained the incompatibility between shared ownership and commonhold was clear enough for people to understand
I have recently paid off the mortgage of a 50% shared ownership house. It has an 82 year lease. Now I’m not sure what to do next. Do you think I should apply to buy another 1\4? Would the lease make it cheaper to buy. Or should I concentrate on extending the lease as I will have to get a mortgage and maybe they won’t be so willing to lend if the lease is low?
This is a difficult one. I would look to get legal advice. You could also contact Leasehold Knowledge Partnership: www.leaseholdknowledge.com/contact/ and Shared Resources: www.sharedownershipresources.org/category/need-to-know/lease-extension/
Not as far as I understand. You'll still have to go through the collective enfranchisement process and pay the premium to gain a share of the freehold. The changes will mean that more leaseholders will be eligible and the process slightly simpler.
@@iknowineedausername I made a video on things to consider with leasehold: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-B-GZhQ0P48w.html And new builds: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-okjtPNQHdG0.html Have a watch of them and see if you find useful
