Buying leasehold house, 76 yrs on lease

tim123456789

angelofdebt wrote: »

Left what too late?

Reducing your original offer because of the length of the lease

tim

angelofdebt

Yes I imagine living in the place for 7 years and becoming trapped in it because of the short lease would qualify as too late then lol.
For a second there I had a glimmer of hope. Crushed again.

angelofdebt

partialycloudy wrote: »

Our solicitor gave no advise re the lease...and as a FTB why would we think to get a quote for the exstension if no one had mentioned it WOULD need to be done. At 21 years old, a 56 year lease seemed like a long time when we only planned on staying for 5 years or so.

Yes some are negotiable and we did negotiate, and got about £200 reduction!

Anyway I have just transferred the £19,254 to our solicitors for the freehold, so from Wednesday I will be the proud owner of a stupid bit of paper stating we own the share of the freehold....whoppy do!

We too, had no advice, we were simply told it would cost around £200 and we had 60 something years to do it.

Is there anything that can be done retrospectively? I can't afford the lease renewal, I can't afford to lose the money by selling cheap cos there wasn't much there to start with.

It came to light after we moved in how the property suffers from damp due to old double glazing which we can't afford to replace and because we had no real advice from anyone other than to push forward with the offer and damn the consequences we have no room in our budget.

Leaseman_2

Angelofdebt - Take proper legal advice to see if you have any redress against givers of earlier advice (or lack of it) at the time of your purchase. Ideally you would have done this within 6 years as you might now be "statute barred" from taking action but do check anyway!

angelofdebt

Yes, I hold very little hope of ever being getting money back or having the whole situation being ridden from my memory in any way.
It would have been nice to have this sort of information in the first place instead of being swayed by a commision hungry mortgage advisor.
Thanks for all your help though.
We're not sure what to do next, the government has introduced 'help' for homebuyers and the new builds going up around us have given us some part ex 'hope' to look into.
but we may just move in with grandparent and rent it out until anything else can be done with it.