Today, Thursday 8th February 2024 and we have: The Tower House, Park Row, Nottingham, NG1 6GR. This is a 101 years leasehold home. It should be mortgageable (if needed). Though we recommend you have an expert leasehold lawyer look through the legal paperwork carefully. Often, these leases can be extended for a reasonable amount. It is likely all of us will be deceased by the time that negotiation occurs. But mortgage companies get a little twitchy, if at the proposed end of the mortgage period, the lease length goes below 25 to 35 years.
Next VIP due diligence… check out the annual leasehold charges as those can also cast an adverse shadow on the building. Make sure it is NOT possible for a dubious freehold owner to increase the annual charges at an exorbitant rate (and by how much)? Last but not least: the price has already been REDUCED; so it might be worth your pushing a significantly lower offer. In general terms, there can be a psychological head~scratcher that leaves leasehold at a financial disadvantage to freehold in many peoples’ minds. Unless they improve Ouji Boards and connect them to Red Dwarf Rimmer Holograms, none of us will be alive in 101 years. So in many respects it does NOT matter whether your unique home is leasehold or freehold. If you would like an expansion on this point, please mention it in the comments section below. We will then write up a bespoke article for you. All in all, we reckon £250,000 to £275,000 “as is”. Contact details:
http://rightmove.co.uk/properties/121348982#/
Today, Thursday 8th February 2024 and after a busy few days, we have a gentle listing (to go easy on the old brain): The Tower House, Park Row, Nottingham, NG1 6GR. This is a leasehold home in a unique tower. 101 years left on the lease, so generally it should mortgageable (if needed). Though we recommend you have an expert leasehold lawyer look through the legal paperwork carefully. Often, these leases can be extended for a reasonable amount. It is likely all of us will be deceased by the time that negotiation occurs. But mortgage companies get a little twitchy, if at the proposed end of the mortgage period, the lease length goes below 25 to 35 years. So it is possible some of our younger property folk may have to renegotiate a new term at 101 years minus 25 to 35 years. That means in your twighlight years you would have a Victor Meldrew grumble. But whatever else, there are still a healthy 101 years left. Next VIP due diligence… check out the annual leasehold charges as those can also cast an adverse shadow on the building. Make sure it is NOT possible for a dubious freehold owner to increase the annual charges at an exorbitant rate (and by how much)? Last but not least: the price has already been REDUCED; so a candid chat with the estate agent on the best price they can get this down to for you is worth pushing. In general terms, there can be a psychological head~scratcher that leaves leasehold at a financial disadvantage to freehold in many peoples’ minds. Unless they improve Ouji Boards and connect them to Red Dwarf Rimmer Holograms, none of us will be alive in 101 years. So in many respects it does NOT matter whether your unique home is leasehold or freehold. But many would ask about the annual charges? Just capitalise the amount into a reduction on price, so that the numbers have the same effect as if this were (financially) a freehold. If you would like an expansion on this point, please mention it in the comments section below. We will then write up a bespoke article for you. All in all, we reckon £250,000 to £275,000 “as is”. Contact details:
http://rightmove.co.uk/properties/121348982#/
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