buying my lease

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buying my lease

Postby jamesy » Tue May 08, 2012 8:04 pm

Hi all, this isnt a pressing issue but merely something that gets under my skin. I have recently had a fall out with my neighbour due to a third party wall and as a solution I erected a fence on my land to act as a shield between my garden and his wall. There is full access to his wall and a good 12" space between wall and fence. I have never stopped him from accessing the wall to his property. Anyway, to the point. My neighbour keeps banging on about me being in breach of covenant by altering an aspect to my property as its leasehold.

My lease is for 999 years - I have 975 years left on the lease. It is £10 per year fixed. My house is a semi and is worth £240,000.

At any point will the fact my property is leasehold affect the value of my property and is it really worth buying the lease? Does anyone know how much it will be?

Is it worth the hassle and expence??

Cheers,

Jamesy
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Re: buying my lease

Postby Mattylad » Wed May 09, 2012 8:12 am

Who owns the lease? Only they can tell you how much they want for it.

I have seen £700 quoted for £90K houses where it is only £3 a year normally.
The person decided to just pay the £3 a year instead :)
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Re: buying my lease

Postby juliet » Thu May 10, 2012 7:12 pm

Just roll your eyes at him and aks him if he is for real. Then tell him that you will remove the fence when the lease is up!
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Re: buying my lease

Postby jamesy » Fri May 11, 2012 9:41 am

A chartered surveyor owns the lease. I never get bothered by them - only a letter each january asking for the ground rent. I have extended the property to the rear as have my other neighbours without notifying the leaseholder ( they never either ). Will the leasehold status affect the value of my property long term??
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Re: buying my lease

Postby Roblewis » Sat Jun 09, 2012 10:42 am

It will but you and many generations of your family will not be around to witness the change.
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