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Buying freehold but just found out its shared ownership
Comments
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I feel for you MrsBerri. I think we would all be frustrated by this one. I personally, would be running a mile and finding another property.Father Ted: Now concentrate this time, Dougal. These
(he points to some plastic cows on the table) are very small; those (pointing at some cows out of the window) are far away...
:D:D0 -
I am a broker that does a lot of shared ownership work including staircasing
Most houses get the freehold on final staircaseI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Haras can I ask you, when you say most get the freehold after staircasing, is this true for HA houses in that I have heard that ex HA often have clauses which prevent future alterations etc without their permission, and am wondering what else they may prevent? Lastly, we were told after the valuation was done the memorandum of staircase would be sent afterwards,could they then apply for the freehold quickly or would this be another thing subject to the contract they have?and do you think it would be worth getting a bit more info and holding on?
thanks again0 -
I do a lot of work for a housing association in London
In their leases the houses convert to freehold on final staircase so no ground rent will apply (but there is while it is still shared ownership as leasehold)
The alterations clause is while leasehold as the housing association have an interest in the property and therefore want a say before any structural amendments are made. This doesn't apply when the housing association no longer owns the property as they no longer own part of it
Absolutely get more info and make sure your solicitor asks the questions but the freehold normally happens automatically on final staircase of houses (obv not flats). This is how it works with the housing association who I have a lot of business with - it may differ with the one you are dealing with but hopefully this will allay some of your fears a bitI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thank you so much for the info. It's getting us in knots trying to second guess what's going on as we are being left in the dark as much as possible it feels. Thanks all, really appreciated x0
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Hello MrsBerri,
Please can you updated on your situation? Did it work out in the end? I am currently going through the exact same situation as you and am so frustrated and worried about it. Any info you can give would be much appreciated x0 -
Unfortunately the last time they were on the forum was 3 1/2 months ago so don't hold your breath waiting for a reply : Last Activity: 13-04-2015 7:51 AM0
This discussion has been closed.
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