Reply With QuoteI',m no expert but the 99+ years lease seemed to be common on old houses while i was living there, not on new houses that i am aware of.
Master
Ive been watching the 'Under the Hammer' property auction type show a couple of times, and I'm trying to figure out how the UK property market and ownership goes. The presenters talk about houses or flats etc going for X GBP (eg 110xxx GBP) and still have a 150 yr lease on them wow! WHen you buy a house over there, do you still not even own it? (good luck trying to make a sale on one in the last few years of its lease)
Here I expect the house 'I' own to be mine, completely and utterly, in what is called Fee Simple ownership I think if I am looking it up right, where I have to pay rates etc but the property is mine (or will be in 20 plus years when I finish paying the bastard off lol). When I kick the bucket the house will be left to whatever person I desire it to be left to, and they can do with it what they will. It will not revert to someone elses owership
LordRover
SubscriberI',m no expert but the 99+ years lease seemed to be common on old houses while i was living there, not on new houses that i am aware of.
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Admin
isnt it the same in Canberra you can only buy leases on houses?
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TopicToaster
Some will be leasehold, some will be freehold.
Google should answer your question.
Sometimes the lease can be bought out for a fairly small sum.
Otherwise it can generally be extended.
Wizard
SubscriberYes it is. I never really understood it, but I never bought there when I lived there, I just rentedOriginally Posted by dullbird
Generally leasehold only applies where there are shared facilities or land, such as flats.
Your average house will be sold freehold.
Fossicker
Its only leasehold properties that have the lease on them - generally, there are weird exception for Listed buildings (old buildings). they are sometimes owned by National Trust.
All my family own theirs outright (minus the mortgage).
Last edited by KCJones; 17th May 2013 at 07:26 PM. Reason: leasehold and freehold round the wrong way!
Master
thankyou for the clarification
I was just confused over these people spending ex amount of dollars (or pounds in this case) on leaseholds and did wonder what happened at the end
TopicToaster
Yeah as said
If you buy a house you own the land well 6 foot ( down of it anyway ( or what ever the exact figure is ) . Pretty much the same as Aus.
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