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GROUND RENT ON A LEASEHOLD FLAT????

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j0nb0y | 17:45 Thu 20th Jan 2011 | Property
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I am thinking of buying a Leashold flat in the Hull area. First question is: How much is the average amount I should expect to pay in ground rent per year? This seems do differ quite considerably from £25.00 to £350.00!!!!!
Also how many years is the minimum I should look for as regards to years left on the lease??? Many I am looking at started with a 99 year lease, but were built in the 80's so have about 70 odd years left, is this long enough??? I want to be able to sell on again.
Any advice would be much appreciated.

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The ground rent will depend on the year the property was built and the amount of land on the whole development - anything in the range you quote is average depending on the kind of development it is!

As for the number of years left on the lease, this will depend on your mortgage company (as they will have rules on what they consider to be a suitable security for the debt) and, to a certain extent, your own age at the time the mortgage would run out vs the number of years left on the lease.

Just think, if the number of years on the lease runs out you just have to hand it back to the freeholder - no chance to sell it or anything! The fewer years left, the cheaper (relatively) the purchase price should be.
I know this doesn't answer your question but do you have to buy a leasehold flat? There are so many cheap (and lovely, honest) houses in Hull, even in nice areas. Or did you want one of the city-type flats, where leasehold is the only option?
I live in middlesex and my leasehold flat costs me £250.00 per year for Ground Rent - be careful as there will be Service Charges as well. Mine are really high, approximately £620.00 every 6 months!

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