Buying Freehold

dark_north

I am in the process of selling my bungalow "up north" it is currently leasehold and the lease has 56 years left on it, I have told this is a problem should anyone want to raise a mortgage on it, so I have pursued my leaseholder and they are offering me the freehold for a scant £5K all in. It then appears this is via a Post Box "Down South" all, I do is send a cheque ???

My questions are:

I am assuming I need to purchase the freehold to allow someone to get a mortgage on my property, am I write ?

Do I need any formal documentation from them first ie a Quote for the Leasehold, or do I just send the cheque ?

Is anyone aware of any legislation about to go through to prevent my paying this horrendous amount of money for a peice of paper ?

Many many thanks, I am new to all this, I had started reading the forums but got horribly confused.

Building_Surveyor

More than likely you will need a solicitor or atleast at the minimum some legal advice. Do not just send a cheque!!

Shelter give a good overview.

http://england.shelter.org.uk/get_advice/renting_and_leasehold/leaseholders_rights/buying_the_freehold/buying_the_freehold_of_a_house#how_does_the_process_work%3F

dark_north

Thanks for the reply, yes it did seem a bit cloak and dagger, only problem is I ideally dont want to pay a solicitor if at all possible, but I may not have an option. The shelter website is excellent mind.

dark_north

I appear to have posted a red face top left of the reply, I am not sure how this has happened, but I did not intend to do that

loubel

Whether or not they're getting a mortgage I suspect you'd struggle to find a buyer for a house with a 56 year lease unless it's very cheap. As you are already selling your house, ask your conveyancing solicitors to deal with the purchase of the freehold first. Definitely don't just send a cheque!