Sale of Freehold

Dell2009

I have just received a letter from a solicitor enquiring about selling the freehold of a piece of land on which a house is built which i own (I am unsure who owns the leasehold) I used to receive a few pound ground rent for this piece of land but have not received anything in years. Without having to engage my own solicitor how can i find out:

1. A ballpark figure valuing the freehold.
2. A ballpark figure for costs involved in selling the freehold.
3. Any other relevant information (what are my obligations etc)

Thanks in advance

nuac

Mod
Leaving this open for now in case anybody has any genera comments on such situations without infringing on the rule here against seeking or giving legal advice

nuac

[/B]double post

brian_t

Dell2009 wrote: »

Without having to engage my own solicitor

Obviously the OP has to engage their own solicitor before they sell but could they ask the solicitor who contacted them for the "ballpark" information.

billy few mates

I'm guessing the owners of the house want to sell it and the buyers solicitors have flagged the leasehold on the property so one of them is enquiringly to see how much it would cost to 'tidy it up'....?
It's surprising the number of people who would be put off buying a property that wasn't freehold, I've been on both sides of that coin on a number of occasions over the years and indeed quite recently.

billy few mates

I'm guessing the owners of the house want to sell it and the buyers solicitors have flagged the leasehold on the property so one of them is enquiringly to see how much it would cost to 'tidy it up'....?
It's surprising the number of people who would be put off buying a property that wasn't freehold, I've been on both sides of that coin on a number of occasions over the years and indeed quite recently.

4ensic15

A lot depends on how long the lease has left to run. If less than 20 years it will be valuable. If more than 70 will be less valuable.

Dell2009

There is more than 900 years left to run on a long lease. Historically the annual ground rent was less than £10 but has not been collected for 15 odd years.

Marcusm

Dell2009 wrote: »

There is more than 900 years left to run on a long lease. Historically the annual ground rent was less than £10 but has not been collected for 15 odd years.

This link will likely be of interest to you.

http://www.citizensinformation.ie/en/housing/owning_a_home/home_owners/ground_rent.html

4ensic15

Marcusm wrote: »

This link will likely be of interest to you.

http://www.citizensinformation.ie/en/housing/owning_a_home/home_owners/ground_rent.html

That link is for purchasers. The o/p is selling. Typically a purchase price would be about 20 times the annual ground rent. There is a formula set out in the Landlord and Tenant (Amendment) Act, 1984.

Marcusm

4ensic15 wrote: »

That link is for purchasers. The o/p is selling. Typically a purchase price would be about 20 times the annual ground rent. There is a formula set out in the Landlord and Tenant (Amendment) Act, 1984.

I did say "interest" rather than directly applicable.