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flat = leasehold ?
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anyone ? sorry i have viewing in 2 hrs so want to get as much opinion as i can !0
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Vendors will not normally have lease or management company information at the viewing stage. This is usually made available to solicitors early in the sales process.
Although not so much nowadays, 999 year leases have been set up in the past. Obviously you will want your solicitor to check them early on.
You will find agents will not know the tenure of a property or the details of a lease and if they do, they won't publish it on sales particulars for fear of saying something factually incorrect. Vendors tend not to know either, so most information comes from the vendor's solicitor on request or during the contract period, if not requested earlier.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Hello King,
One of the property is perfect for us location,condition price etc , the one which is been told having 900 years + lease on it. At viewing could we ask the vendor to provide that information as our offer will be based on it !
or should we first appoint a solicitor n they would get the information for us ?
thx for all your opinions !0 -
Like I said, you can but they probably won't know.Hello King,
One of the property is perfect for us location,condition price etc , the one which is been told having 900 years + lease on it. At viewing could we ask the vendor to provide that information as our offer will be based on it !
or should we first appoint a solicitor n they would get the information for us ?
thx for all your opinions !
I'd relax on the issue for now. Assume what you've been told is correct. Negotiate the price you want to pay and if you get a sale agreed make sure your solicitor confirms the lease term with the other side's solicitor before you commit to any valuation or search fees. Your solicitor will understand what you're doing and why you're doing it.
Your offer is always "subject to contract, searches, valuation and survey" so there's no point saying the lease is a deal-breaker because it always will be. Plenty of other stuff to be checked and you can pull out at any time risking only the fees you've paid so far. Limit them until the point you can't proceed further without spending more...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thankyou King ! On my way to view first property , biggest financial decision of life as they say :-)0
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