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Buying the freehold of my house

I am a 74 yr old widow and with my late husband bought our house in 1967 with it having a 99 years lease.


We must have kept our heads very much in the sand because we have never bought the freehold and now with only 49 years to go I am extremely worried.


I suppose I thought it would all be settled at the time it was sold either by me or my two married children.


Now I have read up on this I am not so sure.


Any answers out there please?


Created By on 06/05/2018

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PrelovedPrams
17th Aug 2018 09:58:10
0
Thanks for voting!
Hi Patsyann, Please don't be worried as there are options. Buying the F/H is just one of them. The other two options that I can think of is one, is extending the lease, which you have the right to do. New leases tend to be for 99 years and the cost of extending it varies greatly, but it will be significant - thats for sure ! The other option is to do nothing as it is likely that the lease will out live you ! It will then be down to your inheritors to decide which would be the best option. Before decideing whether to buy the f/h or extend the lease, please consider the type of property that you own. If it is a semi or detached property then buying the f/h is a really good option. Owning the f/h means that you are responsible for everything above and below you. So one must consider carefully if your property is a maisonette or flat as you would not want to own the responsibility for everyone else ! In such cases, the fellow owners, jointly buy the f/h and thus share the responsibility. I hope this helps a little.
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