Reply to: London house prices

[_V_]

What price a slice of Utopia?

http://video.dailymail.co.uk/video/m...3508260168.mp4

[redgiant]

You seem confused. Do you mean a share of the leasehold or a share of the freehold?

Some blocks of flats have a freeholder, below that a head lessee being the limited company and below that the individual flat leases.

It seems that you do not own the freehold.

Also beware of the term "ground rent", in legal terms it means the rent for the individual flat, not for the ground.

No confusion (just mentioned leasehold once when I meant freehold once in my previous post - I blame the last G&T ).

I am a shareholder of the limited company that owns the freehold of the building so therefore I'm in a share of freehold arrangement. It's up the freehold company on how they wish to charge for the ground rent as not all share of freehold companies own the ground the building is on. In my case the freehold company does own the ground and passes on the charge that would normally be collected from all the apartments as ground rent into the maintenance fund to be used to install solar panels and other building improvements.

[Paddy]

Just going through extending my lease (share of freehold) from 125 years to 999 years on one of my London properties. I didn't know beforehand you have to rent the airspace that balconies take up from whoever owns the ground below (local council or the Port of London). What a pain in the arse!

However at least with share of leasehold you have shared ownership of the building through the collective limited company that is responsible for the building upkeep if it is managed well which this building luckily is. I would always check companies house to see what state the company is in financially before making a financial decision on buying a share of freehold property.

You seem confused. Do you mean a share of the leasehold or a share of the freehold?

Some blocks of flats have a freeholder, below that a head lessee being the limited company and below that the individual flat leases.

It seems that you do not own the freehold.

Also beware of the term "ground rent", in legal terms it means the rent for the individual flat, not for the ground.

[redgiant]

Firstly, if you're looking in Euros, prices will appear cheaper due to the catastrophic effects () of Brexit.
Secondly, Pimlico used to be quite working class, but because of its location (very close to Westminster etc) it has been fairly desirable as long as I can remember (back in the 80's, it was very cool to have a pad there). Even the few council estates which have survived are considered to be fairly safe areas. The problem with 'north' Pimlico is that it contains Victoria Station, which is still a sh1thole.

I used to rent in Pimlico when I was working in Westminster at the time so could walk into work It's a very mixed area with plenty of white stucco houses as well as some well maintained council flats in and around Dolphin Square (very popular with politicians). Pain in the neck to park there though (had a six month dispute over a overenthusiastic ticket attendant ticketing my car when I was quite clearly able to park there ) and it's expensive to buy & rent. However it has the second cheapest council tax in the UK after Wandsworth

[redgiant]

That is just as risky because the Freehold would be held under a collective limited company. The Lease is the weak part. Any breach of Lease can result in the collective enforcing forfeiture.

As a Leaseholder, you have less rights than a sitting tenant. If you have a flat, you need to read up on the law.

It is a medieval law that the government is reluctant to change.

Just going through extending my lease (share of freehold) from 125 years to 999 years on one of my London properties. I didn't know beforehand you have to rent the airspace that balconies take up from whoever owns the ground below (local council or the Port of London). What a pain in the arse!

However at least with share of freehold you have shared ownership of the building through the collective limited company that is responsible for the building upkeep if it is managed well which this building luckily is. I would always check companies house to see what state the company is in financially before making a financial decision on buying a share of freehold property.

[Paddy]

Lots of flats in London these days are leasehold with a freehold share.

Sounds good, but can be a mixed blessing if any other lessees are absentees or paupers or otherwise a pain.

That is just as risky because the Freehold would be held under a collective limited company. The Lease is the weak part. Any breach of Lease can result in the collective enforcing forfeiture.

As a Leaseholder, you have less rights than a sitting tenant. If you have a flat, you need to read up on the law.

It is a medieval law that the government is reluctant to change.

[OwlHoot]

sod dat. Only ever interested in freehold.

Lots of flats in London these days are leasehold with a freehold share.

Sounds good, but can be a mixed blessing if any other lessees are absentees or paupers or otherwise a pain.

[scooterscot]

Firstly, if you're looking in Euros, prices will appear cheaper due to the catastrophic effects () of Brexit.
Secondly, Pimlico used to be quite working class, but because of its location (very close to Westminster etc) it has been fairly desirable as long as I can remember (back in the 80's, it was very cool to have a pad there). Even the few council estates which have survived are considered to be fairly safe areas. The problem with 'north' Pimlico is that it contains Victoria Station, which is still a sh1thole.

My search continues.

Thinking of selling my Edinburgh pad.. as find myself visiting Londonog more and more these days. And hotels, well I can't put it on expenses so...

[scooterscot]

It is an flat on a Lease. You are paying for the right to rent. In other words you will pay rent own diddly squat and you will have to pay service charges on top of that. Leasehold, especially in London is a scam.

sod dat. Only ever interested in freehold.

[Mordac]

How about this one, SW3 and 3-bed only £1.4m

3 bedroom apartment for sale in Beaufort Street, Chelsea, London, SW3, SW3

Think it is because I'm looking in Euros, I'm sure these properties seemed a lot more expensive a couple of year ago and have not been looking in London since.


Crumbs they are even slightly cheaper 3-beds in Pimlico, is Pimlico a bit of a dive or what? Can't wait until Brexit fully kicks in, there's going to be some bargains to be had.

Firstly, if you're looking in Euros, prices will appear cheaper due to the catastrophic effects () of Brexit.
Secondly, Pimlico used to be quite working class, but because of its location (very close to Westminster etc) it has been fairly desirable as long as I can remember (back in the 80's, it was very cool to have a pad there). Even the few council estates which have survived are considered to be fairly safe areas. The problem with 'north' Pimlico is that it contains Victoria Station, which is still a sh1thole.

[Pondlife]

Ldoenn : 'we're hloding a referneudm to laeve the Eureopean union
EU: 'OK'
Scotland: 'we're holding a refeerndum to leave the UK union'
Ldonon: ' Oh no you're not'.

[Paddy]

How about this one, SW3 and 3-bed only £1.4m

3 bedroom apartment for sale in Beaufort Street, Chelsea, London, SW3, SW3

Think it is because I'm looking in Euros, I'm sure these properties seemed a lot more expensive a couple of year ago and have not been looking in London since.


Crumbs they are even slightly cheaper 3-beds in Pimlico, is Pimlico a bit of a dive or what? Can't wait until Brexit fully kicks in, there's going to be some bargains to be had.

It is an flat on a Lease. You are paying for the right to rent. In other words you will pay rent own diddly squat and you will have to pay service charges on top of that. Leasehold, especially in London is a scam.

[woohoo]

How about this one, SW3 and 3-bed only £1.4m

3 bedroom apartment for sale in Beaufort Street, Chelsea, London, SW3, SW3

Think it is because I'm looking in Euros, I'm sure these properties seemed a lot more expensive a couple of year ago and have not been looking in London since.


Crumbs they are even slightly cheaper 3-beds in Pimlico, is Pimlico a bit of a dive or what? Can't wait until Brexit fully kicks in, there's going to be some bargains to be had.

You are a strange one scoots. Bit weird the stuff you come out with.

[scooterscot]

Lots Road isn't Chelsea, it would have been regarded as working class Fulham in the old days. It's not far from Stamford Bridge, and that's in Fulham all day long - as any Chelski fans will happily testify
Anyway the postcode should be the real giveaway - if it isn't SW3, it isn't Chelsea, no matter what your estate agent claims. .

How about this one, SW3 and 3-bed only £1.4m

3 bedroom apartment for sale in Beaufort Street, Chelsea, London, SW3, SW3

Think it is because I'm looking in Euros, I'm sure these properties seemed a lot more expensive a couple of year ago and have not been looking in London since.


Crumbs they are even slightly cheaper 3-beds in Pimlico, is Pimlico a bit of a dive or what? Can't wait until Brexit fully kicks in, there's going to be some bargains to be had.

[GJABS]

Lots Road famous for its power station, which used to be dedicated to providing all of the power for the London Underground.

https://en.wikipedia.org/wiki/Lots_Road_Power_Station