2bretired

Hi all,
I am a retired expat and will have to move back to the UK to take care of my aged parents, they are 90 and living alone.
The problem I have is my father does not get on with my American wife, they just rub each other the wrong way no matter how she try's. He also beginning to suffer from a mild form of dementia and is deaf which does not help.

So we are looking at buying a leasehold flat nearby. For us to live and staying in the same house as my father is out of the question.

Does anybody have information about leasehold flats, what I should look out for etc. as I have never bought a leasehold flat before. We are looking for a one bedroom as our base, with the idea of lock and go, so we can travel to Europe on holidays while we are in the UK.

We calculated that a flat would be cheaper in the long run than renting, as eventually when my parents pass on we can either sell the flat or rent it out and hopefully come out even. The other advantage is we can open a bank account in UK as we will have the obligatory utility bill.

so any suggestions on this would be appreciated.

Bob

The type of info I need is what to look out for in leasehold, years left, resale or renting out. Are there any books or web sites that I can look at about any pitfalls or suggestions.

Squirrel

A couple of things to look out for would be the length of the lease remaining (ideally you don't want less than 100 years). Also some forbid pets and as my main reason was to have a place where I could keep pets I made sure mine didn't say that.

The solicitor will go through the lease with you before you buy to point out anything you should know.

2bretired

Thanks Squirrel,
The flats we have looked at (via the web) have between 75 to 90 years left. Do I have to find a solicitor first before I buy. I live in California and all the properties I have bought have been done through an Escrow company no solicitors involved.

Also I am looking at resale as I doubt I will be in England for more than 5 to 10 years, as I will be renting out my California house and will have a place to come back to.

thanks Bob

Wanderer5

Hi 2bretired

Your post interested me as I'm also in the process (& have been for the last two years) of looking for a flat in Broadstairs, Kent.

Opinions seem to vary on how long should be left on the lease: I was first told (in 2009) that some banks expect to see 25 years (a typical mortgage repayment period) plus 50 years = 75 years.

On the other hand, the last survey I commissioned recommended a lease period of at least 80 years. However, like a previous poster, I would say 100+ years is better.

The prevailing wisdom is to have a survey done.

Last time I almost bought a flat, questions I asked of my solicitors were:
-Are there any unusual conditions in the lease?
-Is there a maintenance fund in place? (especially in the case of older
properties) which would cover sudden/unexpected repairs
-Is the liability clearly set out about who repairs what?
-If you wanted to let out the flat later, would it have to be for a minimum 6
month let (some leases stipulate this) or could you do a holiday let?

Could be other issues, depending on the property
Best of luck

2bretired

Thanks Wanderer5,
After a lot of research I found the site below that explains how to extend the lease.
http://www.leaseholdguidance.co.uk/l...tension/step/1

After some thought I am now thinking on just renting for a period. In the back of my mind I am not sure I can take the rain. Living in California for the last 35 years I have been accustomed to the outdoor life, knowing that the next day will be sunny so you can plan on having a BBQ. A few years back a friend in the UK decided to impress us by inviting us over for a BBQ it was sunny we got there and sat down for a drink while he lite the BBQ and out of the blue it poured down raining.

At least with a rental lease if after the minimum 6 months we can leave without having to sell the unit.

We are retired and want to travel more, and after visiting a few weeks back I have come to a conclusion UK is not the same place I remembered it to be.
I was shocked at how much London had changed. There again I have been gone a long time.

Bob

Wanderer5

Well - I'm sure you will get perhaps a little more sunshine in California, and it is one of the world's biggest economies by itself - although 'Arnie' is no longer Governor there!

My own position is that I'd like a "little place by the sea" - with London within travelling distance, and to get my "UK resident" status back. Since I retired to Sweden to be with my partner three years ago, living on a company pension, I pay nearly 10 times as much tax as I did in the UK

Best of luck!

Pistolpete2

It is not always possible, depending upon the number of flats in the development, but consideration should also be given to the potential for acquiring a share of the freehold in due course.

If everybody is interested in acquiring this can be straightforward and if the landlord can be motivated it is better still. Then the issue of lease length becomes a non issue as all the leases can be extended to 999 years or so.

The shorter the lease remaining the obvious greater premium to acquire a share of the freehold.

Bermudashorts

My first place was a leasehold flat, it is quite normal. As well as looking for as long a lease as possible, I would probbaly want a bit more than 75years, also look at the management fees, these can be substantial in some places.

Wanderer5

....and sometimes you might be paying £2-3000 per year - just for someone to do little more than mow the lawns!

I think the 'leasehold' system is a lousy one, and (correct me if I'm wrong) only the UK has it. Quite what conditions are in the lease depends on who wrote it to start with.

I can agree that its better to get a share of the freehold, although an 'industry insider' once told me that a flat with a share of the freehold is more difficult to 'convey', in a sale, than one which is simply leasehold

Go figure...