Lease Question

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That's a major change and not allowed. PVC is complete and utter sh*t and should be banned.

Hi Joe

You don't like UPVC windows I take it?

Why is it a major change too ?

Do English Heritage use them?

Seeing as English Heritage look after Grade 1 Listed buildings, I wouldn't have thought they'd use UPVC. Didn't that cross yer mind Joe ? (or at least stay there for a millisecond before dismissing it?) ;) ;)
 
They don't use plastic windows though. Why is that?
 
You certainly are mate. Time you were banned. (for being boring). :rolleyes: :rolleyes: :rolleyes:
 
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Never having thought about leasehold before perhaps someone could help me with the following questions.

If you purchase a leasehold property, where do you stand legally when the lease runs out?

Is it possible to buy out a lease and if so is this an option that makes financial sense?
 
Robgers said:
If you purchase a leasehold property, where do you stand legally when the lease runs out?
You don’t stand anywhere, you leave the property. :) In reality, though, the leaseholder will no doubt have considered a lease extension or perhaps purchasing the freehold outright (where this is possible).

Robgers said:
Is it possible to buy out a lease and if so is this an option that makes financial sense?
As said, you can extend the lease for (usually) 99 years under statute. You may be able to buy the freehold outright if the landlord/freeholder is prepared to sell. In blocks of flats, if there are enough leaseholders prepared to pay the purchase price of the freehold then they can do this by law. It would usually make a lot of sense financially but leasehold property covers a wide variety of property types so each case would be be based on its own merit.
 
Chainsaw,

Can you clarify the following for me. I appreciate that in reality the lease will roll on, it's the part "You leave the property" that confuses me.

So if you purchase leasehold are you the owner of that property or are you merely buying the right to live in that property for the length of the lease?

Sorry if this is basic stuff, but leasehold is a new one on me.
 
Chainsaw,

Can you clarify the following for me. I appreciate that in reality the lease will roll on, it's the part "You leave the property" that confuses me.

So if you purchase leasehold are you the owner of that property or are you merely buying the right to live in that property for the length of the lease?

Sorry if this is basic stuff, but leasehold is a new one on me.

Exactly..........you live there and when the lease expires it(the property)is reuturned to the leaseholder .......not that you'd outlive the lease.
 
Can you clarify the following for me. I appreciate that in reality the lease will roll on, it's the part "You leave the property" that confuses me.

So if you purchase leasehold are you the owner of that property or are you merely buying the right to live in that property for the length of the lease?

Sorry if this is basic stuff, but leasehold is a new one on me.

The leaseholder leaves the property on the day the lease expires. (I think somewhere there is a rule that the landlord has to allow the 'ex'-leaseholder to remain as a rent-paying tenant but for this circumstance to arise would be very unusual).

No you are not the owner of the property (that's the landlord). As you say you can occupy the building as long as the lease term.

So during the term of the lease you are free to sell the property on?

Exactly. So if you buy a leasehold property with a 95 year lease and live there for 10 years then you will be selling the same property but with an 85 year lease, so it will have less value (not withstanding property price increases generally). Generally, with property where the lease has run below about 75 years it can be pretty difficult to obtain. This is not the case say in central London, where high-value short leases are pretty commonplace, but it could prove to be an issue elsewhere.
 
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