Buying flat. Lease have missing pages

bouicca21

When I was in a similar position, the solution was for the vendor to agree to pay for rectification by way of an allowance against the price, and freeholder to guarantee rectification. But even this would be subject to mortgage lender agreeing. I was in the fortunate position of needing a tiny loan. Presumably OP has a pretty high ltv.

G_M

The HA is probobly the leaseholder (check the Land Registry freehold title for £3), but may not be.

Yes, freeholder should have the original, but in this case it seems not (they do get lost....)

Deed of Variation is the answer, and it's up to the seller/freeholder to sort that out.

You should tell the seller so.

You can then

* wait (a week or two? a month or two?6 months?)
or
* walk away
or
* wait AND walk away (ie start looking for another property and see what happens first

Yes, you may lose your £2500, but that's property buying. You pay a solicitor tocheck for problems, which he did, and he's been worth the money spent.

ale2007

bouicca21 wrote: »

When I was in a similar position, the solution was for the vendor to agree to pay for rectification by way of an allowance against the price, and freeholder to guarantee rectification. But even this would be subject to mortgage lender agreeing. I was in the fortunate position of needing a tiny loan. Presumably OP has a pretty high ltv.

G_M wrote: »

The HA is probobly the leaseholder (check the Land Registry freehold title for £3), but may not be.

Yes, freeholder should have the original, but in this case it seems not (they do get lost....)

Deed of Variation is the answer, and it's up to the seller/freeholder to sort that out.

You should tell the seller so.

You can then

* wait (a week or two? a month or two?6 months?)
or
* walk away
or
* wait AND walk away (ie start looking for another property and see what happens first

Yes, you may lose your £2500, but that's property buying. You pay a solicitor tocheck for problems, which he did, and he's been worth the money spent.

Does the rectification allowance mean reduction in original price to pay for legal fees to correct the lease? If yes, I have asked them this already and they said its agianst law because the property has been valuated already and that they cannot change the price.

I have downloaded copy of title plan from land registry it says that Propietor is PROPRIETOR: PROPERTY PROPERTY LIMITED (Co. Regn. No.
5990273) of 88 Edgware Way, Edgware HA8 8JS.
Tried to search for their phone number on google, but didnt found anything.
My understanding proprietor is freeholder? Is this right?

I tried to cross reference and find any link on the internet between Wandle and Property Property Ltd, but could not find anything.
Unless Wandle is trading name.


The solicitors requested lease month ago, I am already waiting for a month.


Is Deed of Variation going to sort all problems? Does this mean my lease will be corrected and I will not have problems in the future to sell it, remortagage or extend lease?

System

The only occupants at that address are
Shears & Partners an accountancy firm
and
L'Chaim a gift shop.

So it looks like property Property registered address is their accountants

bouicca21

'Allowance' meant it was deducted from the money paid but the price stayed the same for all other purposes.

ale2007

I have checked freeholder title again. Schedule of notices of leases says that all flats from 1-20 are under the same lease number.
Does this mean that lease is exactly the same at each flat and my solicitor is making it difficult?

I have also checked again freehholder company on companies house website. I have address and director name. I am going to post letter to him to request if they could check what copy of lease they have and if they do have missing pages.

However still I cannot confirm if this is different trading name of Wandle or not. I hope they get back to me.

Hoploz

I don't understand why your seller is not doing the legwork on this. You have no right to contact the freeholder and/or company director etc and ask to have the lease. It must be the SELLER who does it, either themselves or via their solicitor. They cannot sell to anyone without a complete lease.

Land_Registry

ale2007 wrote: »

Is Deed of Variation going to sort all problems? Does this mean my lease will be corrected and I will not have problems in the future to sell it, remortagage or extend lease?

Whilst all the flat leases may be identical I suspect the only way of knowing is to compare them all. However that does not mean any seller/buyer/freeholder/lender will accept that in these circumstances, hence the suggested solution.

A Deed of Variation could effectively replace the 'missing pages' and then be registered against the title. If it is simply varying certain clauses, so not changing the term or actual demised extent, then it should be noted against both the leasehold and freehold title. That should not take months to achieve as such delays relate to the registration of a new title triggered by a variation of the term/extent.

If the deed of variation replaces the missing pages/clauses then that should resolve the specific issue and remove the problem for when you sell/mortgage etc

ale2007

I have not heard from freeholder yet. The seller solicitor tried to contact freeholder too but without success.

The seller solicitor has proposed indemnity policy as solution .My solicitor requested a copy of the intended indemnity policy to check the terms of the policy.

They have not mentioned about deed of rectification yet.
What is the difference between deed of rectification and indemnity policy?

AdrianC

A deed of rectification puts things right, by formally correcting the omission.
An indemnity pays any legal expenses arising from the omission.