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Victorian building...sub sale!
london-dog
Posts: 40 Forumite
Hi all
I've just been posting on my potential purchase of a Victorian maisonette in London, re whether to acquire share of freehold. But the plot thickens...
Looking at the legal docs, it's a sub sale. The vendor doesn't actually own the title: he's exchanged on the building but has yet to complete.
This may scupper my ability to get a mortgage right?
On his contract for sale with the 'previous' owners, there is a 6 week completion date window: 'no sooner than x and no later than y'. Yet these exact same completion dates are stipulated to me, were I to buy the flat leasehold from him! Both also mention a potential sudden 'notice to complete' of 5 days.
Why would a vendor do all this...to swerve stamp duty, or because he doesn't hold the cash to complete himself?
Ta
I've just been posting on my potential purchase of a Victorian maisonette in London, re whether to acquire share of freehold. But the plot thickens...
Looking at the legal docs, it's a sub sale. The vendor doesn't actually own the title: he's exchanged on the building but has yet to complete.
This may scupper my ability to get a mortgage right?
On his contract for sale with the 'previous' owners, there is a 6 week completion date window: 'no sooner than x and no later than y'. Yet these exact same completion dates are stipulated to me, were I to buy the flat leasehold from him! Both also mention a potential sudden 'notice to complete' of 5 days.
Why would a vendor do all this...to swerve stamp duty, or because he doesn't hold the cash to complete himself?
Ta
0
Comments
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Bump...looks like an established practice, this sub selling...been doing some research. Anyone have any experience and know the pitfalls?
I'm considering a bridging loan to make it happen... And then mortgage down the line once I've actually owned it 3 months (apparently most mortgage companies want six months but northern rock can do 3)0
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