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Is it a good idea to buy a leasehold house with an absent landlord?

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  • Is it a good idea to buy a leasehold house with an absent landlord?

    We are first-time buyers looking to purchase a three-bed mid terrace property. We viewed almost 20 houses before finding one we both liked, so it was a long process already.
    Just prior to contract signing, our solicitor sent us an email stating that the house was not freehold, as we had been told by estate agent and our survey, but instead leasehold. Not only that, but the landlord is absent, and has been for 30 years; the lease is 850 years and ground rent is £20 with no review for increase.
    Is this a good idea to buy the house?!
    We're so confused with conflicting ideas from friends and family, who say get out, but our solicitor and our friend (who is also a property solicitor) state it should be ok. Mortgage has been approved, so that's no issue.
    We just want some more advice from anyone who has dealt with a situation like this before, or has been through it.
    Will be have problems selling the property on?

  • #2
    Good afternoon,

    We have some insightful posts on Leasehold vs Freehold... check them out as this may help you in your decision making.

    https://www.reallymoving.com/first-t...old-properties


    Also explanations as to what both mean here:



    https://www.reallymoving.com/conveya...at-is-freehold

    https://www.reallymoving.com/conveya...t-is-leasehold

    I hope it helps

    Camillia


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