Buying a leasehold property was a bad decision. It was stressful, but we were lucky to be able to buy the freehold from the landlord. Now we have full control and it feels like a real home.
Paying council tax and maintenance fees we pay and get no help.The council blames the landlords and landlords blame the council so who ends up doing the work and paying for it the leaseholder.
I keep seeing leases of 125 years and less. It is not an appreciating asset, its basically rent upfront that you take pit a mortgage for in exchange for security compared to annual renting and the option to sell on a shorter lease to someone else carrying the cost and overheads of that if you want to move. Its a wing and a prayer that the shortening lease still keeps its value in line with increasing costs of property and not actually go down...on top of that you are not in control of the maintenace costs but have to cough up ffor them and they will just go up and up. Its a perversion of the property market.
People need to rent rather than lease a home. They can walk away if rent goes up. They can not walk away when Maintainance cost go up in unaffordable amounts, that they are under a contract to pay. Trapped. Can’t sell. Nightmare.
The problem is that this mess was created by the Tories whom a lot are landlords so love the system being this way so they get to screw people over as usual!
Another term for leasehold properties would be ‘daylight robbery.’
Buying a leasehold property was a bad decision. It was stressful, but we were lucky to be able to buy the freehold from the landlord. Now we have full control and it feels like a real home.
And why has a tenant (the leaseholder) to pay for a new roof ? Shouldn't it be paid by the owner of the building (the freeholder)?
Yep they wamt all the benefits of veing a freeholder but nothing of what comes with it. Youre a homeowner when it suits them
Paying council tax and maintenance fees we pay and get no help.The council blames the landlords and landlords blame the council so who ends up doing the work and paying for it the leaseholder.
I keep seeing leases of 125 years and less. It is not an appreciating asset, its basically rent upfront that you take pit a mortgage for in exchange for security compared to annual renting and the option to sell on a shorter lease to someone else carrying the cost and overheads of that if you want to move. Its a wing and a prayer that the shortening lease still keeps its value in line with increasing costs of property and not actually go down...on top of that you are not in control of the maintenace costs but have to cough up ffor them and they will just go up and up.
Its a perversion of the property market.
People need to rent rather than lease a home. They can walk away if rent goes up. They can not walk away when Maintainance cost go up in unaffordable amounts, that they are under a contract to pay. Trapped. Can’t sell. Nightmare.
Or they can be thrown out if they can’t pay the rent?
@@UK-real-estate They can be thrown out if they do not pay the service charges etc.
Imagine getting a bill for 8 grand to repair a building that isnt even yours 🤦
If Labour don't come up with the right answer's then they could be a one term Government.
The problem is that this mess was created by the Tories whom a lot are landlords so love the system being this way so they get to screw people over as usual!
All these rules are out of date.. more like robbery the little pps from big land owner
Don't buy leasehold they are a financial nightmare
Feeble updates will not do.