Buying Leashold

hellokitty08

Just been informed today that there is a charge of £780 to put the lease in to our name, which no one had mentioned before.

Is this normal?

We wasnt expecting this and we dont have the money upfront, but due to a downsize we will have it after our sale has completed, can we pay this then?

Would it be worth trying to get £1k off price to reflect this, as despite having met the current owner twice they never mentioned this, neither did the leaserholder when we met with them and nore did the estate agent.

Any hints would be great.

Richard_Webster

Sorry, you will have to explain further what you mean.

Are you buying or selling?

Why does it have to be "put into your name"?

skater_kat

could be some kind of admin charge rather than 'put into your name'. vendor may not have known about it.

presume charge is set by leaseholder? you could query the level of the charge (seems a bit steep) but i don't think you will get much joy out of the vendor - not their problem so to speak..

hellokitty08

I am awaiting a discussion with the leasholders, but a phone call from out solicitors yesterday informed me that they have been told their is charge to change the details on the lease.

We are buying a leashold flat.

MrandMrsB

Why did you expect the estate agent tell you? If you are buying a leasehold flat the legal costs will be similar (or slightly more) than those for buying a freehold house. In addition if the consent of the landlord is necessary (and this is unlikely if it is a long lease) you may have to pay the landlord's solicitors costs as well as your own.

You can shop around for quotes from different solicitors. The costs are to cover land registry fees, searches, possibly stamp duty land tax, possibly landlord's registration fee, and solicitor's costs including VAT.

What do you mean by "put in your name"? Maybe the £780 you are referring to is to pay the landlord's solicitor's costs?

Please clarify!

hellokitty08

MrandMrsB wrote: »

What do you mean by "put in your name"? Maybe the £780 you are referring to is to pay the landlord's solicitor's costs?

Please clarify!

This is what we mean. It just took me a couple of days to find this out.

The sellers also has to pay some, but dont know what.

I expect to pay our solicitor and have the costs for this, just despite asking about costs of buying leashold this was never mentioned before as a seperate thing. Cost of buying is now £1,800 inlcuding their solicitors fees, plus an extra £500 to sell ours!

A bit more then we was expecting. Thats all.

MrandMrsB

hellokitty08 wrote: »

This is what we mean. It just took me a couple of days to find this out.

The sellers also has to pay some, but dont know what.

I expect to pay our solicitor and have the costs for this, just despite asking about costs of buying leashold this was never mentioned before as a seperate thing. Cost of buying is now £1,800 inlcuding their solicitors fees, plus an extra £500 to sell ours!

A bit more then we was expecting. Thats all.

Sorry I have been rather busy this week, so have not asked Mr B.

Have you sorted the problem out yet or would you like to ask him some questions privately perhaps??? He would need to know all the facts including the purchase price of the property, the sort of area you live in......).

Good luck anyway.

Suky

Richard_Webster

riginally Posted by MrandMrsB
What do you mean by "put in your name"? Maybe the £780 you are referring to is to pay the landlord's solicitor's costs?

Please clarify!
This is what we mean. It just took me a couple of days to find this out.

If the landlord wants £780 admin fee, walk away. The landlord is obviously out to rip people off and this won't be the first large fee you may have to pay to him.