The truth about leasehold property

Well a lot of stuff has already happened in my first month!

Thank you so much for watching! Hope you enjoyed it!

If you're new to my channel and videos, hi! I'm Evan Edinger, and I make weekly "comedy" videos every Sunday evening. As an American living in London I love noticing the funny differences between the cultures and one of my most popular video series is my British VS American one. I'm also known for making terrible puns so sorry in advance. Hope to see you around, and I'll see you next Sunday! :)

If you want to know HOW I make my videos including gear, lighting, all the tiddly bits that connect it all together, (with cheaper alternatives and kit I used to use), I've listed each item, what it's great at, and why I use it on the gear section of my website here:

Otherwise: here's a quick list of some of my kit without descriptions from the above link:

Camera: Sony A7siii

Main Lens: Sony 24mm f/1.4 G-Master

Secondary Lens: Sony 16-35mm f/2.8 G-Master

Main Light: Aputure 120d mkii

Shotgun Microphone: Sennheiser MKH-416

Really useful SSD: SanDisk Extreme Portable 2TB

[chenjamin]

I think the term "leasehold" is a bit confusing here as it took me a few sentences from Evan before I understood what he meant. He is using the term as in you are renting 75% of the property so you hold a lease for this portion. The more common use for leasehold when dealing with property is when the property does not come with the land that is underneath it, so while you may own the house on top of the land you still pay rent to the landowner. When you see "leasehold" on a property for sale listing at an agent this is generally what leasehold is referring to.

[sineadkearney]

I have went sale agreed on my own house and hope it all goes well with no hiccups. It was the first house I viewed and fell in love, near family etc. i was in a bidding war and the owner chose me, a first time buyer with a mortgage over a greedy landlord cash buyer who wanted to rent it out to students for extortionate prices. Shows there are good people in the world 🙏🏼🙏🏼🙏🏼

[XxIamthebeanxX]

We recently met with a financial advisor, and while I know our situation (DINK, living and buying in Northern Ireland) might not apply to everyone reading/watching, we did get some great advice re co ownership. DO NOT FORGET, if you don't consistenly buy back portions of your property that the developer/council own, you will end up in the hole. Eg, you own your 50% (NI typical co ownership) and party B (gov/developer/whoever) owns the other 50%, and the house was originally 180k, minus deposit we'll say 160k, so you'll pay mortgage on 80k and pay rent on 80k. Ten years down the line say the house is now worth 250k - you are now paying the rent on 125k rather than 80k and you'll have a bigger windfall to make up. Yes your part is now worth 125k, but so is party B's. Our advisor said that the worst instance he saw was someone buying a house in the 90s on an early co ownership plan for 90k that's now worth 290k, and they had only started 'buying out' the council's share about 5 years ago. They simply forgot to renegotiate their share payments, which is apparently the biggest mistake people make with regards to co ownership.

[john_smith]

I have the impression that Evan never had a meeting and proper conversation with his solicitor/conveyancer, they would have explained precisely what leasehold is, the obligations and the disadvantages. Evan seems to conflate leasehold with shared ownership, the two are quite separate.

[JonasHamill]

For what it's worth, it's always better to put the lid down before you flush so that the contents doesn't aerosol into the room, but always good to check it's completed once its finished flushing.

[Inucroft]

That's not a normal leasehold, that's a shared-ownership.

leasehold is you own the house but not the land.

[durabelle]

I love the way you find humour in all the normally tedious or stressful situations 😄

[TheNdpeterson]

Lol the word you are looking for is the “water shut-off valve” 😂

[laceym]

Loving the stories and so wish I could come over and give you tutorials. Bought my first home at 23 and learned so much (before YouTube). I still do tons of DIY, but now for my mom. Get a good basic tool set, read and watch all you can, asks friends for help first (they are kind and most often free). Your design style is on point, just need to bring your DIY game to the same level.

[originalkk]

Often these days, plumbers will put a small in-line stop valve in pipework to (for example) toilets. These have a flat screw-type head in the valve, which you can twist to turn on and off with a flat bladed screw driver, rather than having to turn off all the water with the main stopcock. These are convenient, but can tend to leak as they get old, as we just discovered.

[HannahRicketts]

Hang in there! Once you’ve got through the snag list you’ll be fine!!! I’m in an old building as a leaseholder… a 50 year old lift, a central boiler that only gives us heating Oct- March. Just remember to have full building insurance, even though your lease will say the building is covered (bricks and pipes only!). Also ask your water provider how they are calculating your bill. I didn’t do that for 2 years and got charged double I used… best of luck xxx

[MikeyRussell]

Leasehold is linked to the land so you could be a 100% owner and still be under a lease if you don't own the land it is built on. But I totally understand the woes of shared ownership which is what you meant. Have a good read through your leasehold documents so you know your rights.

[naelissimmer]

You’re doing fine, no worries. I bought my first home on my own - post divorce - in my mid fifties in the US and was still amazed at the things that came up. Homes are money pits on the one hand, but also an investment on the other hand. You do seem a lot more relaxed now. And it looks like a comfortable home reflective of your taste and personality. Great job for only a month and a half!

[ottakringcalling]

Honestly, it might take me until I'm 50 to gather enough money to actually buy a flat where I live, but after I've seen everything you've been through, that is what I'm doing.

[mahimakhurana]

Hello fellow new homeowner in a flat! Mine isn’t a new build so don’t have quite the same teething issues, but I am a first time homeowner too and boy is the learning curve STEEP!

[penny]

I work in leasehold and honestly I would never buy a leasehold property 😬 you don't just get charged for repairs, it's also general maintenance e.g. cleaning, ground maintenance but also a management fee for the company usually. I would 100% recommend that you try to get compensation for the month without heating!! Put in a formal complaint and keep escalating until they give it to you.

[DB-jbjn]

The ventilation system 😂😂😂😂 had a good laugh. Been a first time homeowner is hard

[TheTimTri]

Damn, this shared ownership thing sounds really confusing. Are there actually any upsides to this? Just seems like it combines the worst aspects of renting AND owning a place.

[LeedleleedleDae]

I love how shut off was just no where near your realm of thinking😂

Great video, becoming a homeowner is definitely a process.

Wishing you a happy Sunday and safe travels!

[MonsieurSansHonte]

The grim reality is modern “luxury” apartments are poor quality, due to a combination of deregulation and greed.