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Help! Leasehold on a flat / sale problems
omara04
Posts: 1 Newbie
Hi guys
Long time reader / listener to Martin on R2, but first time poster.
I'm in a bit of a pickle and would appreciate some advice - I'm selling my flat and buying a house with my partner, and all was going swimmingly (well I was due to complete today in fact) until at the very last minute, this morning; the buyer of my place's mortgage company (The Mortgage Works, who I believe are a subsidiary of nationwide) has said that the length of the lease MUST be 80 years. It's 74 years. I didn't have this problem when I bought the place 4 years ago (Halifax) and my mortgage advisor is a bit stumped as well.
The sting in the tail is the person purchasing my flat is the freeholder of the building - he's buying me out so he can fully own the entire building. Why should there even be a need for a lease?
He's keen/desperate to buy it now, and I'm keen/desperate to get out. I'm worried my purchase will fall through if I don't complete soon as it's dragged on for about 9 weeks now. I realise that 9 weeks is about the average time for a conveyancing, but there's no onward chain for the house I'm buying, so with a straightforward 3 party, 2 property chain, it really should/could have been quicker.
Help? What can I do? Do I have to extend the lease? Won't that cost £££££ and take forever?
Thanks in advance for your support,
omara04
Long time reader / listener to Martin on R2, but first time poster.
I'm in a bit of a pickle and would appreciate some advice - I'm selling my flat and buying a house with my partner, and all was going swimmingly (well I was due to complete today in fact) until at the very last minute, this morning; the buyer of my place's mortgage company (The Mortgage Works, who I believe are a subsidiary of nationwide) has said that the length of the lease MUST be 80 years. It's 74 years. I didn't have this problem when I bought the place 4 years ago (Halifax) and my mortgage advisor is a bit stumped as well.
The sting in the tail is the person purchasing my flat is the freeholder of the building - he's buying me out so he can fully own the entire building. Why should there even be a need for a lease?
He's keen/desperate to buy it now, and I'm keen/desperate to get out. I'm worried my purchase will fall through if I don't complete soon as it's dragged on for about 9 weeks now. I realise that 9 weeks is about the average time for a conveyancing, but there's no onward chain for the house I'm buying, so with a straightforward 3 party, 2 property chain, it really should/could have been quicker.
Help? What can I do? Do I have to extend the lease? Won't that cost £££££ and take forever?
Thanks in advance for your support,
omara04
0
Comments
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He's the freeholder?!
He just needs to grant you a lease extension before or on completion day. And not charge you for it!Everything that is supposed to be in heaven is already here on earth.
0
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