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Ieasehold on possible purchase.

  • 31-01-2023 2:01pm
    #1
    kabakuyu
    Registered Users, Registered Users 2 Posts: 1,557 ✭✭✭


    My son is looking at an ex council house with 57 years to run on a 99 year lease from local LA, the EA is vague on the details as regards to making this a freehold.A few questions if anybody can help.

    Is it possible/easy/advisable to make property freehold?

    Does it affect value?

    Any pointers would be welcome.



Comments

  • #2
    Claw Hammer
    Registered Users, Registered Users 2 Posts: 6,299 ✭✭✭Claw Hammer


    It is difficult to get a mortgage if there is less than 70 years left to run. He may have to get a barristers opinion that the freehold can be bought (cost about 1K) in order to access finance.



  • #3
    Dolbhad
    Registered Users, Registered Users 2 Posts: 782 ✭✭✭Dolbhad


    The good news is the Council own the freehold and it can be easily bought. Usually the seller should buy out the freehold before selling if the council will sell to them - they won’t sell to the legal per reps if the owner has died and it’s a probate sale.


    In that case, the sellers solicitor will have a letter from council saying they can sell the freehold to your son. Your son’s bank will be told he’s buying leasehold that’s not got marketable title as it’s less than 70 years. The bank are fine once he can buy out freehold.

    He will have additional legal costs so price that with his solicitor and his solicitor can advise him on the above.



  • #4
    kabakuyu
    Registered Users, Registered Users 2 Posts: 1,557 ✭✭✭kabakuyu


    Great insight, thank you both.



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