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Can a property be both Freeold and Leasehold?
ukbondraider
Posts: 252 Forumite
I have a friend who a few years ago bought a property that he thought was freehold.
However, when trying to sell it this year it emerges that whilst he does indeed own the freehold, someone else owns the leasehold for the same place.
This currently means he is unable to sell the place as he would need to buy out the leasehold owner.
Does this sound right? Couldnt believe it when I heard it. Of course he is looking to sue the solicitors for not picking this up but is such a situation possible?
I thought if someone owned the freehold then they owned the property regardless.
However, when trying to sell it this year it emerges that whilst he does indeed own the freehold, someone else owns the leasehold for the same place.
This currently means he is unable to sell the place as he would need to buy out the leasehold owner.
Does this sound right? Couldnt believe it when I heard it. Of course he is looking to sue the solicitors for not picking this up but is such a situation possible?
I thought if someone owned the freehold then they owned the property regardless.
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Comments
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Not necessarily - for example, my flat is leasehold, but someone else (a housing association) owns the freehold.
This is very common with flats. However, he can sell the freehold - it's just not worth as much.
Sue the solicitor!!Errors of opinion may be tolerated where reason is left free to combat it. - Jefferson0 -
Crikey. That sounds like quite a major error to me. How long is the lease?
Could the leaseholder theoretically buy the freehold for a few grand and say, "Thank you very much. This is all mine now." ???0
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