Missing Freeholder

sarah69696pink

Hi All,
I'm interested in a flat (converted house) however the freeholder is 'missing' according to EA.
They state this is quite common - is it?
This is really putting me off - but I love the flat compared to others we've viewed. Just wanted to know if I am right to be cautious or indeed if this is quite common.

da_rule

It can be common where the freeholder has moved but hasn't informed the land registry. You need to check what powers the management company has, as the freeholder does need to be informed of a transfer of the leasehold property, but it may be that the management company is able to accept this. Also, has anyone approached the management company, they may have contact details for him. You may also have problems if you need to renew the lease.

xylophone

You have checked the land registry? Would there be any possibility of an absentee freeholder indemnity policy?

da_rule

http://www.alep.org.uk/press_area/21/buying-a-leasehold-property-with-an-absent-landlord <---Check this advice out

sarah69696pink

Thanks all this is really really helpful - I had no idea where to start and EA was not very helpful at all!!

ethank

I lived in a flat with an absent landlord for 8 years. We could not find him, and had indemnity policies.
Make sure you chat to the neighbours before buying, as you need to gain some agreement on how you will fund repairs and maintenance, otherwise you could end up paying for it all!