by Mick Roberts
8:20 AM, 9th August 2021, About 3 months ago 30
I have 4 flats (separate buildings) where the Council own the building (Freehold-Is that right?). I pay service charge approx £100+ each flat each year + Estate rent £10 each flat. No mortgages on each flat if that makes a difference.
My limited knowledge and notes on this tells me: Council have to extend Lease back to 99 years. I can’t get a mortgage if only 70 years are left. Do flat Leases when near 90 years renew.
One of them has about 92 years left. One has 88 years left. How do I find out how many years are left on each one without digging my deeds out?
I started the ball rolling yesterday, initial fee for a company is around £1800 inc. vat + the Council fees + I guess the Council costs.
The flats are only worth around £85,000 with rents of around £6000 pa, so it seems to start with, the fees are expensive considering the little value and rent.
If it makes a difference on what I’m doing with ’em in years to come, well initially I wanted to save them, so when my tenant’s kids in the houses left home and their Housing Benefit reduced, and they couldn’t afford the house anymore, I could say Here you go, I have cheaper flat for you here. And I’ve done that in the past with the flats.
However, at the moment, the people aren’t leaving the flats either. Apart from one where the girl just moved in and hopefully may buy it off me within 3 years. So if the flats do come up, as time ticks on, I think I am gonna’ sell them. As the house people now are saying they don’t want to leave their home no matter what and muggins here don’t charge ’em proper rent cause they can’t afford it.
Please don’t confuse me with complicated regs, I’m good at renting houses out and maths, but as soon as you say Section 27.2 Rule 7 (B) paragraph 2, you’ve lost me-I’m getting a plane to Magaluf.
Just simple what to do, phone number, expert etc. Or is it because it’s Council, they more gentle and can deal with ’em direct? However, my experience with a lot of departments in Council is any affiliated to the Councillors is not great.
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