Bought property that was mis advertised

BaileyKim

Hello,
We recently bought a buy to let property, which was advertised as part of the freehold. only once our solicitors were doing the searches ect did it come up at leasehold. We ask for some money off but the seller said no. We had already spent quite a bit on the purchase so went through with it. Is this not false advertising on the estate agents part. Is there any thing we can do about it now.

all help welcome.

thanks.

ILW

Estate agent goes with what the seller tells them.

saverbuyer

Caveat emptor - Buyer beware - You completed knowing the property leasehold, nothing can be done now. The time for action was before completion.

[Deleted User]

I believe that as your solicitor pointed out the real situation, and you went ahead with the purchase (regardless of whether you'd already paid out amounts towards the purchase process and didn't want to lose this amount) you will be regarded as having accepted the situation, and the estate agents 'misrepresentation' of the property.

Dan-Dan

BaileyKim wrote: »

Hello,
We recently bought a buy to let property, which was advertised as part of the freehold. only once our solicitors were doing the searches ect did it come up at leasehold. We ask for some money off but the seller said no. We had already spent quite a bit on the purchase so went through with it. Is this not false advertising on the estate agents part. Is there any thing we can do about it now.

all help welcome.

thanks.

Errr, no , this just goes to show again , that ANYTHING an EA states or says , is subject to being complete balls

florence4

Nope. You exchanged contracts knowing that the property was leasehold. Before exchange was the time to dig your heels in and insist in a reduced price, or walk away.

jmt

Both of the leasehold flats I own have shared ownership of the freehold. I don't think you have understood the terminology used and what the EA details really meant and perhaps your conveyancer did not explain. As a leaseholder I am also a director of each management company which owns the freehold of our properties - is yours the same?

hazyjo

When it was advertised (or you were informed) that it was "part of the freehold", do you mean that you own a portion of the freehold along with other flat holders?

A "share of freehold" (wrong term, but it's what most EAs and many others refer to it as) flat/property is still leasehold. It will always have a lease.

Is that what you mean?

Is it a flat? I'm presuming yes if you thought it had 'part of the FH'.

Jx