Amendment to offer confusion

Moseydo82

Hi all,

We just received a letter that states -

Amendment to Offer of Loan -

conditions that now apply to out offer of loan dated the 11th of December"

- property tenure - the property is leasehold. This offer is subject to the solicitor ensuring that the unexpired term of the lease is not less than 70 years at completion.

Now as far as we are aware, and what the survey showed is that the property is freehold. The survey and the offer also show freehold.

Anyone know why this might have occurred and what the impact may be?

Senior_Paper_Monitor

yes the lender does - ask them ?

Moseydo82

Helpful.

It's 8.30pm and they are not open.

The next step was to ask on a friendly advice forum.

Thrugelmir

Have you spoken to your solicitor recently? The surveyor would have based their report on the information provided to them.

Moseydo82

Yeah, we had the mortgage offer and had signed and returned. We've also exchanged contracts that all state freehold.

It shows on the land registry as freehold.

Senior_Paper_Monitor

We have no access to the applications docs, general file, history - indeed don't even know who the lender is.

Based on your information (such as it is) its a !!!!-up - not unknown.


If you have a broker, they may well (with access to above) be able to suggest a reason/solution. If you don't, then the only answer lies with the lender (or possibly the solicitor).

I try to be friendly, I try to be helpful - but I don't do magic !!

Moseydo82

:-)

I know, bet you guessed I'm a panicky, stressed and worn out first time buyer.

Every letter panics me lol!

Funny_old_game

If your buying a flat and this condition has come up buy some Imodium.

Lender thinks it's leasehold, which in England and Wales for flats is fine, but freehold,, your exchange need a good chat with your solicitor. Ring them first thing.

Moseydo82

3 bed semi-detached

Thrugelmir

Moseydo82 wrote: »

3 bed semi-detached

How old is the property?