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Leasehold on a house

  • 03-02-2020 10:09pm
    #1
    Booella69
    Registered Users, Registered Users 2 Posts: 37 ✭


    Hi. We have made an offer for an investment property. Offer was excepted and booking deposit paid however a search on land registry says the property is leasehold not freehold. The estate agents never mentioned this us when viewing or making offer etc. It seems to be a private portfolio and not council owned so buying it out might be an issue. Will contact our solicitor and the estate agent tomorrow but wondering does an estate agent not have to disclose the lease holding in listings? Or is it solely on the purchaser to ask/research? Thanks


Comments

  • #2
    Baby01032012
    Registered Users, Registered Users 2 Posts: 1,622 ✭✭✭Baby01032012


    The agent wouldn’t necessarily know. Presumably it’s a long leasehold of something like 999 years so it doesn’t really matter. My own family home is the same. You can buy out the freehold for no more than a couple of thousand but I wouldn’t bother.


  • #3
    [Deleted User]
    Posts: 3,620 ✭✭✭ [Deleted User]


    A lot of older property in the capital is leasehold. I wouldn't let you put you off if there is lots of time still to run it can be converted to freehold in most cases for a small fee.


  • #4
    PommieBast
    Registered Users, Registered Users 2 Posts: 2,889 ✭✭✭PommieBast


    Buying out the freehold is not particularly expensive but it can be a tedious and drawn-out progress. Leasehold is not the curse it is over in the UK but it will put off some buyers in the future. Some banks won't lend for leaseholds under 70 years.


  • #5
    Booella69
    Registered Users, Registered Users 2 Posts: 37 ✭Booella69


    Thanks for the replies. I think we were just annoyed as we had made it clear to estate agent that it was an investment property we were looking for and presumed it was freehold but we live and learn. Going to look into what the leasehold can be bought for because from what we can see on land registry the lease was last renewed in late 1970s for a hundred years.


  • #6
    Samuel T. Cogley
    Registered Users, Registered Users 2 Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Booella69 wrote: »
    Thanks for the replies. I think we were just annoyed as we had made it clear to estate agent that it was an investment property we were looking for and presumed it was freehold but we live and learn. Going to look into what the leasehold can be bought for because from what we can see on land registry the lease was last renewed in late 1970s for a hundred years.


    That's not generally considered enough for a mortgage (50 years left on the lease) - I assume this is a cash purchase? Should give you leverage to get a good deal on it.


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