Oops… 
Great chance to sell a pile of shite requiring a lot of work
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Is there any precedent of someone selling a leasehold interest in a residential property in Ireland as is commonplace in commercial lettings?
For e.g. You pay 50k for the leasehold and 1500 pm rent but you have a 20 year lease and rights to renew tenancy at end of lease?
I think the last bit may be the issue.
A company I do some work for recently sold a house on Regents Park (a beautiful beautiful house, but still) with 9 years left on the lease, for 9 million sterling. To a Russian. (Who also bought next door to knock into one).
But as I understand it, once the lease is up, the property reverts to the freeholder (in this case the Duke of Westminster).
If this isn’t the case, it may be why it still cost all that money.
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I would have thought long term leases on residential properties are extremely rare. Unless it’s a leasehold interest in an apartment or something like that which people seem to view the same as freehold.
A tenancy?
You are probably too young to remember the furore about ground rents in the 1970s which resulted in this kind of thing being legislated against.
AFAIK, swathes of central London are long term lease.
Gerald Grosnevor the Duke of Westminster is the freehold owner of vast swathes of residential property in Mayfair and Knightsbridge
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Indeed.
They are rented out on 99 year leases and they pay a pretty hefty rent.
It all stemmed from a farm called Mayfair, which became, well, Mayfair.
I met the duchess of Westminster once. I described the encounter on here.
How’s the Queen?
It’s all gone very quiet about her.
Gerald is dead 5 years now. Hugh is the latest Duke
I worked on the two Citi Bank building’s in Canary Wharf in the late 90s and they are 99 year leases.
didnt one of the steel fixers fall off one of those and die? i was working down the road on millenium harbour at the time
Yeah,I was nearly killed there myself one day,by the steelfixers.Almost fell 10 floors.I got some fright.
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id a couple of near misses myself but not at that height, thankfully