FTB question about Freehold

FTB_3

I have put in an offer for a house that was on the market as FREEHOLD. My offer was accepted, but since then the estate agent has informed me that the property is leashold, the vendor is in the process of buying the freehold.
I have not chosen a solicitor yet but I noted that with solicitors if the property is leasehold there is an extra fee to pay, also I have not been able to proceed with a mortgage as the mortgage application requires information about the leasehold.

What am I mean to do...... do I tell the solicitor and the mortgage lender the property I am buying is freehold otherwsie if I tell them its leasehold should I be expected to pay the extra fees to the solicitor or should I wai until the vendor has purchased the freehold.

I await in anticipaton

cattie

This is a bit of a strange situation, but I'd have thought it more sensible for the vendor to have waited untill he had actually secured the freehold before putting the place on the market. Untill he has this it's a leasehold property & there legal side of things is a bit more complicated than with a freehold property, which is why the legal side of things costs more. It was wrong for the estate agents to have it down as a freehold property. You need to check how far ahead the vendors negotiations with buying the freehold are, as this could be a bit of a lengthy process. :-/

yonk

You probably need to talk to a solicitor. If the purchase of the freehold doesn't go through by the time you exchange then it will need careful work by your solicitor to ensure the vendor pays for the freehold.

The house is worth more if it is freehold, I would think. This is possibly a mis-description by the estate agent and I would go and talk to them as well. But it is a very important that you understand the differences between lease and free-hold and the consequences of buying a leasehold proeprty if the sale doesn't go through. Unless it is your dream house, and you don't mind then I would tread very carefully and would maybe consider withdrawing the offer or suspending it until the legals are simplified.

zain

BTW, Is there a difference in cost? Surely if it is freehold it must cost more? How much is the freehold effectively costing you?