Topic: The 'Eeeek...buying/saving for a house' thread

[gazzam1963]

We are hoping to actually buy this year for the first time, after years of being convinced it wasn't possible - things have fallen into place and to be honest the insecurity of renting/costs (we have a decent landlady, but it's never ours forever) really worries me to the extent that it's been affecting my mental health quite a bit. (We've already discounted leasehold places because from everything I understand the same worries are going to be there in the background - no idea how costs will rise, the headache of extending leases etc, still needing permission for certain things). At some point I want to be able to retire, we need a change of scene, and the past couple of years have made it a lot more important to be able to get to our parents' quickly, and now we've got the deposit, the remote working agreement so we don't need to change address and jobs in one go, and a couple of other things we were waiting to sort out sorted, so it could....actually happen?

Been trying to get my head around the whole process, but most fora I've looked on assume you're buying with one eye on the "property ladder" whereas I just want somewhere to live and to know nobody's going to ask me to move from it again. I really couldn't give a stuff about building equity or up and coming areas, I just want to know I'm in the same place this time next year and get to paint the walls whatever colour I want. I've had 15 different addresses since I left home and I'm just done with it. My attitude is that anywhere we buy in our budget will be at least as, or less, crappy than anywhere we could afford to rent where we live now, but it's still daunting!

The complicated bit is that we're moving from one end of the country to another so I have not a clue how the search process is going to work, really.

I wouldn’t discount leasehold on an older property , most have 999 year leases and ground rent that never increases . I have a house that I bough in 1998 it’s £50 a year for the next 970 years . It’s the newer ones and flats that can double or rise with inflation

[rob1966]

I wouldn’t discount leasehold on an older property , most have 999 year leases and ground rent that never increases . I have a house that I bough in 1998 it’s £50 a year for the next 970 years . It’s the newer ones and flats that can double or rise with inflation

We've got over 900 years on ours at £5 a year. They offered to sell us the leasehold for £800, I was going to do it until I saw how long was left on it

[gazzam1963]

We've got over 900 years on ours at £5 a year. They offered to sell us the leasehold for £800, I was going to do it until I saw how long was left on it

It’s only if you want to extend or carry out work you have to ask them , if you don’t and go ahead them when you sell you have to get retrospective permission . They know then they have you by the balls so the cost goes up I’d have snapped there hands off at £800 mine wanted 4k

[fridgepants]

Yes, houses are a different thing from what I understand. The more I read about how it works with flats the more it feels like the sort of thing that might make me as anxious long-term as renting, and if we were to sell later (hopefully because we're retiring to Okinawa or something) the ground rent and number of  years left on the lease become a headache.

[BarryCrocker]

With regards to leaseholds, if the owner sells their freehold could the new owners jack up the rates?

[gazzam1963]

With regards to leaseholds, if the owner sells their freehold could the new owners jack up the rates?

No the lease can’t be changed until it runs out as far as I’m aware

[rob1966]

It’s only if you want to extend or carry out work you have to ask them , if you don’t and go ahead them when you sell you have to get retrospective permission . They know then they have you by the balls so the cost goes up I’d have snapped there hands off at £800 mine wanted 4k

We've no plans to extend and when we pop our clogs the kids will just flog it, so didn't see the point. If they offer it again in future I'll think about buying it.

[Craig S]

No the lease can’t be changed until it runs out as far as I’m aware

In flats, the freeholder would spend the leaseholders money on the communal area. An unscrupulous freeholder could increase these cost for maintenance and upkeep

If a freehold is going to be sold, the leaseholder has right of first refusal.

I used to own a flat years ago and the freeholder was going to transfer to his niece. He owned the freehold and one flat in the building, and he was moving into a retirement home. We as leaseholders complained and so we were allowed to purchase it. In the end he just wanted his legal cost covering, so we ended up buying a 1/6 share of it each for about £200 per flat.

[The G in Gerrard]

The amount of flats being made and councils approving planning applications for them is obscene.

[gazzam1963]

In flats, the freeholder would spend the leaseholders money on the communal area. An unscrupulous freeholder could increase these cost for maintenance and upkeep

If a freehold is going to be sold, the leaseholder has right of first refusal.

I used to own a flat years ago and the freeholder was going to transfer to his niece. He owned the freehold and one flat in the building, and he was moving into a retirement home. We as leaseholders complained and so we were allowed to purchase it. In the end he just wanted his legal cost covering, so we ended up buying a 1/6 share of it each for about £200 per flat.

I own a flat in a 1960s block in liverpool , the freehold is owned by the management company which is a limited company with 44 shareholders who are the owners of the flats . It works well as there is a definite awareness of costs and expenditure , it also has a  £80k bank balance , Based on a service charge of just £65 a month which inc insurance , window cleaning , gardens doing and communal areas cleaned as well as external maintence

[Riquende]

I've heard today that all the paperwork is sorted and our deposit cash is in place and ready to go. Nothing to do now but wait in tomorrow for the go-ahead to collect the keys (as the day stretches along agonisingly slowly...)

[Riquende]

And I have the keys! Now we can be evicted in peace...

[Drinks Sangria]

And I have the keys! Now we can be evicted in peace...

Fantastic news, hope that’s taken some worry away from you.

[reddebs]

And I have the keys! Now we can be evicted in peace...

Great news mate congratulations on owning your own bricks and mortar 👍