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Missing Planning & Lease Docs - Buying Repo
starnight84
Posts: 8 Forumite
Hi All,
I'm buying a leasehold flat (converted loft) from trustees of a bankrupt who also owns the freehold of the building. As such limited information is available and there is no managing agent etc current leaseholders are keeping up with maintenance themselves. I am okay with all this and buying "as seen".
However my solicitor has raised the below issues (which I don't think are major? but not sure as FTB) before we can move forward:
1) A copy of the missing Lease plans that are mentioned in the lease or indemnity insurance in respect of the same.
2) A copy of the building regulations completion certificate for the conversion of the property or indemnity insurance in respect of the same.
My understanding is that indemnity insurance is in perpetuity so I don't have to worry about renewal and would cover me when selling the property.
Are these issues easily solve able after completion? I guess I can contact the council to get another certificate and also one presumes the trustees will sell the freehold to someone and can draw up new lease plans?
I think I will also need to check with my lender to see if the above is an issue. The solicitor also mentioned that a deed of variation is possible but this may be difficult given the freeholders position as he is bankrupt....
Thanks
I'm buying a leasehold flat (converted loft) from trustees of a bankrupt who also owns the freehold of the building. As such limited information is available and there is no managing agent etc current leaseholders are keeping up with maintenance themselves. I am okay with all this and buying "as seen".
However my solicitor has raised the below issues (which I don't think are major? but not sure as FTB) before we can move forward:
1) A copy of the missing Lease plans that are mentioned in the lease or indemnity insurance in respect of the same.
2) A copy of the building regulations completion certificate for the conversion of the property or indemnity insurance in respect of the same.
My understanding is that indemnity insurance is in perpetuity so I don't have to worry about renewal and would cover me when selling the property.
Are these issues easily solve able after completion? I guess I can contact the council to get another certificate and also one presumes the trustees will sell the freehold to someone and can draw up new lease plans?
I think I will also need to check with my lender to see if the above is an issue. The solicitor also mentioned that a deed of variation is possible but this may be difficult given the freeholders position as he is bankrupt....
Thanks
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