How bad is this?

pboae

EdInvestor wrote:

You need to get this sorted out too, it's a no no.I'm surprised the lender hasn't mentioned it (yet)..... This rings a great big bell marked "freehold flat" which will cause any sensible lender (or buyer) to head straight for the exit.Sit your solicitor down and get him to explain this matter to you properly.Has he confirmed that the indemnity policy is adequate ( I wouldn't be happy with this, especially given all the other problems).

Start by reading the introduction on this site:

https://www.lease-advice.org

Please, listen to EdInvestor, I really can't emphasis enough how important this is. TBH I am amazed you can even get a standard mortgage on it.

The rejigging of the internal accomodation is a PitA, but anamolies with the freehold/leasehold could cause you massive problems. Don't be fobbed off about it, make sure your solicitor is very clear about the issues and that he has explained it thoroughly to you.

baldelectrician

Just be glad you don't live in Scotland; a nugget I pulled from the SBSA (Scottish Building Standards Agency- Governement dept) website

5.3.3 There is no limit as to how long after the completion of the work a late completion certificate may be submitted, but it is always the regulations at the time of submission that must be met. It becomes increasingly less likely as time passes that compliance will be possible without further work, in which case a warrant application for that work would be needed, and the appropriate fee paid.

Full stuff
http://www.sbsa.gov.uk/current_standards/pdfs/proc_handbook.pdf

If somenthing is noticed by a purchaser's solicitor it could open up a can of worms if something isn't done right- they have done away with letters of comfort now.

natwill_3

Bit of a standoff...I want a price reduction but vendor is holding firm!

meanmachine_2

Personally I'd save the money from NOT moving and put it towards renewing my lease next year, then sell with a shiny new lease and recoup my money.

Does that make sense?

I say let some other schmuck deal with this headache.

And remember, it's a nightmare now, but you'll probably find a much better place instead next time.