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Can anyone help????
benbenandme
Posts: 12,463 Forumite
Hi, I had an offer accepted on a flat at the and of January and had agreed an offer on my house (1st time buyers) and that completed the chain. So far so good !
However, today my solicitor called me to say that when they have looked through the details sent by my sellers solicitors there seems to be a problem with the lease. Basically the estate agent details said it had a new 125 yr lease but it seems this is a sub-lease and the seller is renegotiating the lease with the landlord and until this is done they can't give out sub-leases. Does anyone have any idea how long this takes or what is involved? The seller is a developer and is selling 3 flats so none of us can move in till this is all sorted but I'm concerned this could drag on for weeks / months and my buyer may pull out?? Am I just panicking needlessly or is this a big problem? Any advice/experience would be hugely appreciated :beer:
However, today my solicitor called me to say that when they have looked through the details sent by my sellers solicitors there seems to be a problem with the lease. Basically the estate agent details said it had a new 125 yr lease but it seems this is a sub-lease and the seller is renegotiating the lease with the landlord and until this is done they can't give out sub-leases. Does anyone have any idea how long this takes or what is involved? The seller is a developer and is selling 3 flats so none of us can move in till this is all sorted but I'm concerned this could drag on for weeks / months and my buyer may pull out?? Am I just panicking needlessly or is this a big problem? Any advice/experience would be hugely appreciated :beer:
Mortgage Total: £49,992/ £75,000
2026 Mortgage Overpayments Pot £579
2026 Mortgage Overpayments Pot £579
0
Comments
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Drawing up the leases is pretty standard legal stuff and shouldn't take long at all, agreeing the price is the problematic bit! However as your vendor is a developer and won't make a profit and may lose sale/s if it drags on too long then I think they'll be more anxious than you to get it sorted.
How long though? Piece of string jobby, I'm afraid. Try putting/keeping pressure on the developer or their EA to find out where they're up to, when it's going to get sorted.0 -
If you are the freeholder in this situation and your lessee (the developer) had gone and built some new dwellings on the land, perhaps in contravention of the terms of the lease, you would effectively have the builder over a barrel because the builder will not be able to sell until he has sorted out the lease arrangements.
My suspicion is therefore that it isn't so much long the legal work of actually doing the sub leases (although that can be quite complicated) but more the fact the freeholder is holding out for what he wants and the builder is desperately trying to get him to agree something! Silly builder!?
As a conveyancing solicitor I believe the information given in the post to be useful but I accept no liability except to fee-paying clients.
RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0
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