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Leasehold/freehold confusion
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Check out the Leashold Valuation Tribunal (LVT) and leasehold enfranchisement.
I went through the process a couple of years ago, having bought a 3 bed Victorian semi with 150 years left on a 300 year lease.
You have to own the leasehold title for 2 years, then advertise to track down the freeholder locally and in the London Gazzette. You then get a chartered surveyor with expertise in the field to prepare a valuation for the LVT. You then have a hearing at the LVT and they agree a price to buy the freehold title. We involved a solicitor and it cost the thick end of £3k for the professionals and about £250 for the actual enfranchisement.
When we bought, the vendor had a Defective Title Indemnity insurance policy in force with Royal & Sun Alliance, which gave us and our mortgage provider peace of mind.0
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