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19-02-2010, 12:46 PM
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Purchase of leasehold
Hi,
We own a house with a 999 year lease (990 years to run). It has a ground rent of £70 pa. We have enquired about purchasing the freehold and have been quoted £3995 by the company that owns the freehold. This includes all fees etc, including our fees. This seems rather steep to me. Does the price we've been quoted seem reasonable? Thanks, Steve. 
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20-02-2010, 11:18 AM
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Re: Purchase of leasehold
No, it does not seem reasonable to me
Freehold reversions are usually valued at between 10 and 14 times the annual rental income, so you should not be paying motre than £1,000 top whack (plus legal fees, but the seller's should be minimal - less than £200, in my view Your own legal fees will, I expect, be higher, but will depend on the exact circumstances I hope this helps
__________________
This is based on my experience as a conveyancing solicitor in England, but I do not accept liability for information I give in this forum
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