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Advertised 999yrs lease, but only 125 yrs
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Okie, thanks for the reply agrinnall .0
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You can certainly ask the ex-vendor to refund your legal and other costs. But the likely reply will be along the line of 'go forth and multiply'. However you have nothing to lose by trying.No free lunch, and no free laptop
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What was the original quote from your solicitor? They won't have done all of the work they originally quoted for (no completion work etc) so you shouldn't necessarily be billed for the entire amount. Check your contract to see what it says about this.0
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An expensive "lesson to learn" re "If they lie to you about something = realise that means they are unreliable/cant be trusted and might get up to something else" (ie in your case that refusal to proceed with sale they had agreed).
Sorry to hear that - but will keep fingers crossed that Liar Vendor wont end up costing you too much.0 -
Assuming you are confident you will sell in about ten years and the lease is now 110 years, the flat should sell without loss of market value. The dates to watch are 80 years, after which extending the lease gets more expensive, and 70, 65 and even worse 55 years because buyers can't get mortgages and extending gets even more costly.
Not sure a freeholder would agree to extend a 125 to 999 years as the statutory extension right is 90 years added to the existing term.
You can extend the lease after two years ownership but if moving as said hardly makes sense. Guess you know all this as you have bought already.
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You can also ask the current lease owner to serve the requisite notice and convey the benefit of this to you as part of the sale, so you don't have to wait for the two years.0
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I don't think the current owner would agree to this as they have pulled out of the saleYou can also ask the current lease owner to serve the requisite notice and convey the benefit of this to you as part of the sale, so you don't have to wait for the two years.Changing the world, one sarcastic comment at a time.0
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