Nicholas Richards

Registered with Property118.com
Sunday 2nd November 2014


Latest Comments

Total Number of Property118 Comments: 3

Nicholas Richards

15:03 PM, 28th September 2015
About 6 years ago

Is purchase of freehold fair value?

I can share my experience / rationale of buying a freehold last year. I have owned the ground floor flat for 15 years and the upstairs flat was for sale, and I bought it. Both flats are purpose built comprising a detached building of just the two flats with gardens and parking. A nice little package.

The flats were worth approx £170k each, on 78 year leases and I was paying £50 a year in ground rent. I received two lots of advice re the freehold:
1. You don’t need such a long leasehold for a buy-to-let mortgage so as long as you’re not thinking of living in or selling one of the flats, keep the money in your pocket
2. You’ll be kicking yourself in 10 years time when you want to sell one or both flats and paying a lot of money to extend the lease.

The freeholder wanted £13k and I ended up paying £10k. Overall, I’m really pleased I bought it however if I was buying it now, I would negotiate harder re your point “surely the lease is of little value to anyone but me?” Saying that, I think it was a fair price.... Read More

Nicholas Richards

11:22 AM, 13th June 2015
About 6 years ago

Mysterious Bulgarian Blonde 'Loves' My Flat!

Definitely one of 118's more entertaining threads!... Read More

Nicholas Richards

12:50 PM, 21st March 2015
About 6 years ago