Announcement

Collapse
No announcement yet.

Leasehold Property Why is it difficult to sell

Collapse
X
Collapse

Leasehold Property Why is it difficult to sell

Last updated: February 13 2014
5 | Posts
2825 | Views
  • Time
  • Show
Clear All
new posts

  • Leasehold Property Why is it difficult to sell

    My best friend (not a member of this forum) has a flat in Borivali (West) which he has been trying to sell for last 8-9 months. He seems to have had only 2 viewings. This inspite of him offering higher commission to brokers. Agreed that the property is slightly away from the station but he is asking for a fair price. Fortunately, he is not desperate to sell it. The property still has 89 years lease remaining on it.

    Any tips that senior members could suggest to make the property more saleable?

    Is it because of general slow down or is it because this is a leasehold property?
  • #2

    #2

    Re : Leasehold Property Why is it difficult to sell

    Getting loans for the purchase of old, leased property is relatively difficult than that of an freehold property. This mite be one factor.
    Last edited February 11 2014, 09:11 PM.

    Comment

    • #3

      #3

      Re : Leasehold Property Why is it difficult to sell

      But the property has 80+ years lease remaining with MHADA I think. I understand when there is less than 60-70 years lease remaining there are problems selling.

      I wasnt aware about the home laon difficulties. Is there a critical period in terms of lease remaining that banks decline home loans??

      Do you think we could ask the brokers to not mention about the leasehold until the buyers come and see the property? Personally speaking that will be wrong.

      Comment

      • #4

        #4

        Re : Leasehold Property Why is it difficult to sell

        if u have already offered more fees to the broker, i think he should be smart enough to use the tricks to get the customer to visit your house. If not, u should involve more brokers. Also, to get an idea about the home loan with regards to leased property, u can meet a banker and get first hand info. Good luck

        Comment

        • #5

          #5

          Re : Leasehold Property Why is it difficult to sell

          Originally posted by alpha123 View Post
          if u have already offered more fees to the broker, i think he should be smart enough to use the tricks to get the customer to visit your house. If not, u should involve more brokers. Also, to get an idea about the home loan with regards to leased property, u can meet a banker and get first hand info. Good luck

          Oshiwara Link road has HIG MHADA Flats and resale asking rate is 1.80CR for 2 BHK.I think these MHADA Flats were constructed 1994 or 1995.Thease buildings are on Link Road near to Oshiwara Police station.
          Are these flats also on Lease or Freehold? if on lease I don't see difference in Price in these MHADA flats or other building flats. is that because these flats are on Link road and Location is good
          Cant the lease be renewed after 90 years or once lease expires don't Mhada renew it?
          All the buildings have Society formed. Why the sellers write Free hold for these Mhada Flats??

          Comment

          • #6

            #6

            Re : Leasehold Property Why is it difficult to sell

            Leasehold shouldnt be a problem if the lease is with a nodal agency like MHADA, TMC, CIDCO etc..Whole of the Navi Mumbai is full of leasehold with CIDCO...

            Tell your friend there must be some other problem connected with property, location that is scaring away buyers.

            Originally posted by Hasmukh View Post
            My best friend (not a member of this forum) has a flat in Borivali (West) which he has been trying to sell for last 8-9 months. He seems to have had only 2 viewings. This inspite of him offering higher commission to brokers. Agreed that the property is slightly away from the station but he is asking for a fair price. Fortunately, he is not desperate to sell it. The property still has 89 years lease remaining on it.

            Any tips that senior members could suggest to make the property more saleable?

            Is it because of general slow down or is it because this is a leasehold property?

            Comment

            Have any questions or thoughts about this?
            Working...
            X