property

[splange]

 

My house has a 99 year lease. Call me green but when trying to explain to someone what this meant, it bacame apparent that I didn't really have a clue. Can anybody explain?

[ewand]

Effectively, you have a property with a 99 year lease, and therefore the property is LEASEHOLD, as opposed to FREEHOLD, where you own the property outright (effectively own the ground its standing on). When you buy a leasehold property, essentially you are buying nothing more than the right to occupy a building for a given length of time. You may well have to pay ground rent and maintenance in addition to a one-off payment that buys ownership of the lease until sold or it runs out. The amount of alterations you can make to the property varies accordance with the lease and you may well have other conditions imposed upon you by the landlord. This CAN seem like you have bought the property outright, and usually with residential properties, the lease is for a long time, though it is effectively a step off the property ladder.

[splange]

So how can I find out who my landlord is? Who actually owns the ground the house is built on? And is there anyway to move up from leasehold to freehold?

 

[ewand]

Dependent on your situation.....if you live in a block of flats, then it is likely the ground and building is owned by the local council (though not always the case). It should be clear from any dealings with solicitors who actually is the FREEHOLD own of the property you are leasing, and as suggested this changes dependent on circumstances. It is possible to move from leasehold to freehold (for example people being given the option to buy their own council house (property owned by the council, with subsedised leasehold tenants which the council then sells to the tenants, who move from being leasehold owners to freehold owners) provided this is self standing, and not part of a block). However, being able to do this usually involves discussion with the property owner and a large lump of cash, effectively a freehold purchase.

[splange]

Thanks ewand, you have been very enlightening, I thought I owned my house outright...apparently not.

[ewand]

Any time.......talk to your solicitor and they should be able to put you in the picture regarding your own specific situation.....best of luck!

[Maud]

Click this link

http://www.landregisteronline.gov.uk/servlet/TitleSearchServlet

and by typing in the address and postcode (do not bother about the title number, it works perfectly well without) and spending �2 and following the instructions the name and address of your freeholder will be revealed to you.

[Maud]

I also draw your attention to the very useful and helpful Leasehold Advisory Service (LEASE) 8 Maddox Street, London W1R 9PN, Tel: [phone] which provides free advice and guidance to leaseholders on all aspects of leasehold law.