Missing leaseholder

supersadie

Friend of mine has almost completed on leasehold of a property. The solicitor has her money. Suddenly it appears there's already a leaseholder with 5 years to go on a 15 year lease. Not been living there for some time though. Surely the solicitor should have spotted that. What happens now?

G_M

I suspect no one understands your question...

almost completed

Have you Exchanged Contracts yet? If not, then you have not almost completed. If so, it's a bit late now.....

Your friend is buying a lease, so of course there is already a leaseholder: the seller.

5 years to go on a 15 year lease.

This is very short. Is this a residential lease? commercial? Or some kind of tenancy?

mynameisdave

Who are they buying of, if not the leaseholder?

supersadie

Sorry. Probably have terminology wrong.
The previous person who had bought the 15 year lease (the lessee maybe?) has not been there for some years and there is still 5 years outstanding.

My friend was due to collect the keys this week when this problem arose. But maybe I should have said due to exchange.

Hope this helps.

casper_g

Doesn't help much. Are they buying a residential property? Perhaps a flat? Is the property (supposed to be) leasehold or freehold?

supersadie

Friend is buying commercial property lease. Previous person to have bought the lease on that property still has 5 years to go on the lease.

Is that clearer?

supersadie

Mynameisdave - they're buying from the landlord - a leaseholder is the tenant!

Jowo_2

There is a commercial/leaseholders forum on the Landlordzone website which will hopefully have members who have this type of specialist knowledge.

supersadie

Thank you. I'll try there!

G_M

So the freeholder is selling multiple leases for the same property?

Sounds like fraud to me.