Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: Field Marshal Dr. Opti on 06 July 2011, 13:09:45
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My father in law purchased a new four bedroom detached house in 1971. It came with it's own garage and cost the princely sum of £5,000...!!!!!
It is a leasehold property. He pays a peppercorn rent twice a year. He was offered the freehold at the time of purchase (£100). He declined. ......a decison he now regrets.
He has been informed that any property with less than seventy years remaining on the lease will be difficult to sell. Apparently the banks are unwilling to lend on such properties... :-/
Does anyone know how much the freehold would cost today?
Would an extended lease be a better less expensive alternative?
Any ideas please... :y :y
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My father in law purchased a new four bedroom detached house in 1971. It came with it's own garage and cost the princely sum of £5,000...!!!!!
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Quite expensive then. My parents bought their present 3 bed semi a couple of years earlier for around £2200 ;)
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A lot more than £100.
You need a valuation done, then you ahev to apy all legal costs and I would expect the cost to buy would be 5 figures.
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My father in law purchased a new four bedroom detached house in 1971. It came with it's own garage and cost the princely sum of £5,000...!!!!!
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Quite expensive then. My parents bought their present 3 bed semi a couple of years earlier for around £2200 ;)
It cost twice his annual wage Andy. He tells me he was earning £50 a week at the time. £2,500 pa.
The average house is currently Seven or eight times the average wage. Little wonder it is so difficult for people to get a foot on the housing ladder these days.... :-/
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A lot more than £100.
You need a valuation done, then you ahev to apy all legal costs and I would expect the cost to buy would be 5 figures.
Is there a formula that links the freehold cost to the value of the house today.....£200,000 ish?
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Freehold for £100? That would have been a steal!
My flat cost me 5 times my salary when I bought it last year.
Its very common to find mortgage companies not lending to leases with sub 75 years.
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Freehold for £100? That would have been a steal!
My flat cost me 5 times my salary when I bought it last year.
Its very common to find mortgage companies not lending to leases with sub 75 years.
And you are minted Mr Tunnie... ::) ;) Imagine the poor bastards on less than £15,000 pa. They have no chance of ever owning their own home... :-/
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Freehold for £100? That would have been a steal!
My flat cost me 5 times my salary when I bought it last year.
Its very common to find mortgage companies not lending to leases with sub 75 years.
And you are minted Mr Tunnie... ::) ;)
No, I have a huge mortgage! With a monthly payment to match (a 4 figure one!)
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A lot more than £100.
You need a valuation done, then you ahev to apy all legal costs and I would expect the cost to buy would be 5 figures.
Is there a formula that links the freehold cost to the value of the house today.....£200,000 ish?
Sadly no.
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Freehold for £100? That would have been a steal!
My flat cost me 5 times my salary when I bought it last year.
Its very common to find mortgage companies not lending to leases with sub 75 years.
And you are minted Mr Tunnie... ::) ;)
No, I have a huge mortgage! With a monthly payment to match (a 4 figure one!)
The problem today is that house prices bear no relation to wages. My father in law worked as a simple toolmaker.......but was easily able to afford a detached house on his wage alone. No overtime or second wage was allowed.....or needed.
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Freehold for £100? That would have been a steal!
My flat cost me 5 times my salary when I bought it last year.
Its very common to find mortgage companies not lending to leases with sub 75 years.
And you are minted Mr Tunnie... ::) ;)
No, I have a huge mortgage! With a monthly payment to match (a 4 figure one!)
The problem today is that house prices bear no relation to wages. My father in law worked as a simple toolmaker.......but was easily able to afford a detached house on his wage alone. No overtime or second wage was allowed.....or needed.
I keep hear people saying that, and seeing it on the news. Thing is, if you put effort in you can buy without any trouble.
I graduated from Uni in 2007, got a job that year and started work. After about 2 years of setting into the job and getting used to working life I started saving.
I chose to stay at home in Northamptonshire & commute to London, although this was expensive (£550+ a month) - It was cheaper than renting.
In 3 years I saved approx £35k, some of it got spent on learning to ride a motorbike, snowboarding gear & holidays ::)
Before anyone asks, no bank of mum and dad. I lived at home & saved!
2010 I bought my flat which was advertised for £215k, I put the deposit down, paid the fee's and moved in.
My parents helped me with furnishing the flat, plan was to sell the BMW to fund that, but Mother & FatherT very kindly stepped in to help me get the flat setup.
Might have something to do with the BMW staying at my parents, so it would be an excuse for me to go home once in a while ;D
Mate I've known since School, he also is in a position to buy, but not done it yet, he works for BBC so is a bit cautious about buying at present!
My old Team Leader is now married with baby on the way, he just a couple of years old than me, they have 3 houses between them!
It can be done!
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I chose to stay at home in Northamptonshire & commute to London, although this was expensive (£550+ a month) - It was cheaper than renting.
In 3 years I saved approx £35k, some of it got spent on learning to ride a motorbike, snowboarding gear & holidays ::)
Before anyone asks, no bank of mum and dad. I lived at home & saved!
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But did Mum & Dad charge you any kind of rent, if you were saving a grand a month I suspect not or not very much ;) ;) ;)
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I chose to stay at home in Northamptonshire & commute to London, although this was expensive (£550+ a month) - It was cheaper than renting.
In 3 years I saved approx £35k, some of it got spent on learning to ride a motorbike, snowboarding gear & holidays ::)
Before anyone asks, no bank of mum and dad. I lived at home & saved!
.......
But did Mum & Dad charge you any kind of rent, if you were saving a grand a month I suspect not or not very much ;) ;) ;)
No rent, but I serviced the fleet of Omegas!
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its not that simple tho for most people. i was lucky to buy when i was 18 and have a few propertys i rent out now.
however, ive lots of friends with no chance to save £35k in 3 years, unless your living at home and not paying all the bills, or if they have children or didnt go to uni and dont have a well paid job.
The main point is in lots of areas house prices are far more then the banks are willing to lend without a massive deposit. if your renting which most are by that age its going to take a lot of saving.
It can still be done tho, on the other side of the coin ive got a few friends around 30 and under all buying their 1st houses, who have rented for a few years, depends where you need to live i guess and how kind life has been to you :)
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Freehold for £100? That would have been a steal!
My flat cost me 5 times my salary when I bought it last year.
Its very common to find mortgage companies not lending to leases with sub 75 years.
And you are minted Mr Tunnie... ::) ;)
No, I have a huge mortgage! With a monthly payment to match (a 4 figure one!)
The problem today is that house prices bear no relation to wages. My father in law worked as a simple toolmaker.......but was easily able to afford a detached house on his wage alone. No overtime or second wage was allowed.....or needed.
I keep hear people saying that, and seeing it on the news. Thing is, if you put effort in you can buy without any trouble.
I graduated from Uni in 2007, got a job that year and started work. After about 2 years of setting into the job and getting used to working life I started saving.
I chose to stay at home in Northamptonshire & commute to London, although this was expensive (£550+ a month) - It was cheaper than renting.
In 3 years I saved approx £35k, some of it got spent on learning to ride a motorbike, snowboarding gear & holidays ::)
Before anyone asks, no bank of mum and dad. I lived at home & saved!
2010 I bought my flat which was advertised for £215k, I put the deposit down, paid the fee's and moved in.
My parents helped me with furnishing the flat, plan was to sell the BMW to fund that, but Mother & FatherT very kindly stepped in to help me get the flat setup.
Might have something to do with the BMW staying at my parents, so it would be an excuse for me to go home once in a while ;D
Mate I've known since School, he also is in a position to buy, but not done it yet, he works for BBC so is a bit cautious about buying at present!
My old Team Leader is now married with baby on the way, he just a couple of years old than me, they have 3 houses between them!
It can be done!
Yes. And all credit to you... :y But I imagine that you are earning far more than many people. Also, three years rent free is a luxury most people never experience. As for repairing/servicing Omegas.........every one knows they are so reliable that they never break down or need mending..... ::) ::) ::) ::) ::) ;)
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But I imagine that you are earning far more than many people. Also, three years rent free is a luxury most people never experience. As for repairing/servicing Omegas.........every one knows they are so reliable that they never break down or need mending..... ::) ::) ::) ::) ::) ;)
Not as much as I would like, someone I used to work with, 5 years younger than me. In the time I did the above, setup his own company, grew it to 30 odd employee's then sold it for cool £13 million!
He's now living in San Francisco with his wife and baby girl!
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Whilst I applaud you, Mr tunnie, as I have said on a number of occasions, you have made many of the right decisions with the cards you have had.
BUT "saving £35k in 3yrs" is probably almost as much as a fair proportion of the population earn in 3yrs - thus housing buying is a distant dream for them. So it can't always be done.
Back when I bought my first house, the biggest mortgage you could get was 3 times take home. Not a penny more. As it happens, interest rates were at 15% anyway, so nobody could have afforded more. I had to wait for the housing market to crash (which it did spectacularly around 1990) to be able to get the mortgage (I was probably on around £15k at the time), plus the £10k I scrimped and saved to buy my first £55k house in Aylesbury. My best mate bought about 2yrs before, and could only afford half the house, so had to go into a joint ownership with the Council.
Buying a house has always been crippling, but houses are mostly out of reach for 'normal' first time buyers... ...remember, your average shop assistant probably doesn't even bring home £1k a month, let alone be able to save £1k ;)
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seemed a good idea at the time :o
http://www.dailymail.co.uk/femail/article-2011121/Gilston-Lodge-Chelsea-house-sold-5-000-1958-raise-10m.html
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hope its not probate lol
i know its a £10mill house, but really £2-£3mill to bring it up to modern standards? thats way beyond lol
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:( we bought the freehold of our old house for £500, around 1992 , sold the house 2 years later and never got our money back, only people to benefit will be the owners in a few years time when the leasehold would be up for renewal.
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I assume your father has a lease with service charge, and covenants included in the agreement. Most leases include ground rent and service charges e.g., freeholder is responsible for maintaining the property and the leaseholder pays the appropriate charges or rates during the term of the lease including any maintenance charges, as in most cases the freeholder is responsible for the structure, including windows, roof and doors.
Buying the freehold is not as expensive as you may think, and will be the cheaper option on the long term. I assume the freehold interest sits with either a local authority of a private freeholder ::)