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HELP with buying a Freehold / Extending a Leasehold
Citronella_3
Posts: 1 Newbie
Dear Money Saving Experts, I urgently need advice
And as I didn't know where else on this site to post my forum, here it is.
The scenario goes a little bit like this (E&OE !):
> We bought one of two flats in a converted house 6+1/2 years ago, each flat now has a 74 year lease left and it's high time to renew these.
> The Freeholder has been absent for the whole duration of our ownership plus before.
> Our Solicitor advised us that a joint vesting order needs to be submitted to the court by the owner of the 2nd flat and ourselves plus attempts need to be made to find the Freeholder. If he/she is not found, we can purchased the share of the Freehold.
> The owner of the 2nd flat currently has his flat on the market and, stupidly, is not at all interested in extending his Leasehold / purchasing the shared Freehold with us; most likely because of the horrendous costs. But he's shooting himself in the foot here as the flat has been on the market for nine months now, totally overpriced considering the short lease. (At some point we were going to buy his flat but ended up pulling out as the flat is not worth the asking price and he's not seeing any sense).
> As the owner of the 2nd flat is not responding to any of our attempts to get this sorted, are there any options open to us to go this thing without him? Or, indeed, any other options at all?
Many thanks in advance for floods of suggestions, tips, hints.
And as I didn't know where else on this site to post my forum, here it is.
The scenario goes a little bit like this (E&OE !):
> We bought one of two flats in a converted house 6+1/2 years ago, each flat now has a 74 year lease left and it's high time to renew these.
> The Freeholder has been absent for the whole duration of our ownership plus before.
> Our Solicitor advised us that a joint vesting order needs to be submitted to the court by the owner of the 2nd flat and ourselves plus attempts need to be made to find the Freeholder. If he/she is not found, we can purchased the share of the Freehold.
> The owner of the 2nd flat currently has his flat on the market and, stupidly, is not at all interested in extending his Leasehold / purchasing the shared Freehold with us; most likely because of the horrendous costs. But he's shooting himself in the foot here as the flat has been on the market for nine months now, totally overpriced considering the short lease. (At some point we were going to buy his flat but ended up pulling out as the flat is not worth the asking price and he's not seeing any sense).
> As the owner of the 2nd flat is not responding to any of our attempts to get this sorted, are there any options open to us to go this thing without him? Or, indeed, any other options at all?
Many thanks in advance for floods of suggestions, tips, hints.
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