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Leasehold flat question
Comments
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Shouldn't the lease info be in the HIP?0
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Hello. Most surveys on flats say they assume there is at least 70 years to run. He probably hasnt seen it and its a standard entry.
Best wishes0 -
Crisis averted.
The Land Registry info gives it as a 999 year lease.
Don't even get me started on the HIP! It's a sore point.2016 diet challenge 16lbs/42lbs lost
2014 MFW #114: £5000 overpayments made
2015 Savings Challenge #65: £6000 saved0 -
secondtoughest wrote: »Crisis averted.
The Land Registry info gives it as a 999 year lease.
Don't even get me started on the HIP! It's a sore point.
Panic over! Good news.Everything that is supposed to be in heaven is already here on earth.
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Thanks for all your help. Is the person/company listed on the 'particulars of the lease' with the purchaser of the property the freeholder?
It's a limited company so I'm going off to research them on Companies House!2016 diet challenge 16lbs/42lbs lost
2014 MFW #114: £5000 overpayments made
2015 Savings Challenge #65: £6000 saved0 -
secondtoughest wrote: »Thanks for all your help. Is the person/company listed on the 'particulars of the lease' with the purchaser of the property the freeholder?
It's a limited company so I'm going off to research them on Companies House!
Yes it is.Everything that is supposed to be in heaven is already here on earth.
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it's extraordinary that there can such a disparity in the two figures unless the estate agent was delibertately lying to you. Isn't the length of the lease clearly stated in the Home Information Pack?secondtoughest wrote: »
The estate agent told me it was a 999 year lease and that only a couple of years had elapsed on it. When the survey came back, it said the remaining time on the lease was only 70 years! My mortgage lender (Yorkshire) will still lend but I am worried.
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Halifax didn't have the HIP when I first saw the property (it had just been put on the market). It has now gone (electronically?) from their solicitor to my solicitor. I'm going to see the paper copy this week.
The estate agents has always maintained to me thats it's the longer of the figures. The survey said different, I'll bring it up with my lender and conveyancer.2016 diet challenge 16lbs/42lbs lost
2014 MFW #114: £5000 overpayments made
2015 Savings Challenge #65: £6000 saved0 -
The estate agents has always maintained to me thats it's the longer of the figures. The survey said different, I'll bring it up with my lender and conveyancer.
As has already been pointed out the surveyor will not know the length of the lease and the figure could have two possible meanings:
1. Surveyor asked seller how long lease was and seller said 70 years; or
2. (Much more likely) the surveyor assumed a lease length of at least 70 years for valuation purposes. He probably didn't actually say it was 70 years, because he wouldn't know.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0
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