Freeholder not playing ball on garden transfer..

chunkytfg

Edit, Just seen your latest reply

Is the neighbour aware he isn't buying the land and only the lease to it.

Will said neighbour be able to open his garden to this point and put up fences etc changing the layout of the FH property?

tizzle6560

chunkytfg wrote: »

So is the neighbour just giving you a sort of commission for getting the FH to sell you a bit of land. If so what do you think will happen to your lease for that bit of land?

That area of of land would be transferred out of my lease completely and put into that of my neighbours

AdrianC

tizzle6560 wrote: »

I appreciate all of this but - my neighbours have agreed to pay ALL parties legal and admin fees moving forward

I should bloody well hope so!

the area of land in question has two derelict outbuilding on it anyway, so in actual fact my neighbours are doing everyone a favour in wanting to PAY to re-purpose this currently unusable bit of land.

Frankly, that's your problem as leaseholder, since we're talking about land which you have a lease on granting you usage rights in return for your maintenance of it... It clearly isn't unusable, else it'd be no use to your neighbour, just unused and neglected. By you.

And commercials aside, like I wrote in a previous post - the FH stands to gain something from a situation that actually benefits all parties.

IYHO.

What skin is it really off their nose to just give consent.

Their leaseholder has rocked up out of the blue, and said "I've sold your land, sign here, there's a few quid in it for you" without actually thinking about whether they might WANT to sell part of their land?

It is greed alone that has scuppered this deal as they are willing to sell but only for an amount they admitted to me was high to begin with.

Sounds to me like it's greed alone that's caused the deal in the first place. "I don't use that end of my garden, I can flog it!" without thinking about the reality of the deal - which is that it's not your land to sell.

AdrianC

tizzle6560 wrote: »

That area of of land would be transferred out of my lease completely and put into that of my neighbours

Your neighbour's freehold is owned by the same freeholder as yours?

G_M

tizzle6560 wrote: »

If my mortgage lender has deemed it to pose no risk to overall property value then surely the same can be said about the overall freehold value. Bearing in mind that the money I stand to gain from this will go back into landscaping the garden and generally improving the property to an even higher standard. So if anything, the FH value would increase.

Your lender will not have assessed the overall value of the freehold value (I seriously doubt).

They have no interest in the freehold. Your mortgage is against your lease, so it is the value of your lease that your mortgage lender will be interested in - in case they need to repossess and sell (your lease, that is).

So yes, your lender has given you consent to reduce the size of the garden in your lease since they believe your remaining lease's value will still be sufficient to cover their loan.

But the value of the freehold is a different matter entirely.

And given that the freeholder has his hands full at present attempting to repossess the flat above yours from that leaseholder, for ground rent/service charge arrears, the thought of dealing with yet another lease & leaseholder is probobly more than he can handle!

tizzle6560

AdrianC wrote: »

Your neighbour's freehold is owned by the same freeholder as yours?

no they are freehold themselves so dont have a Freeholder on their side to contend with

AdrianC

tizzle6560 wrote: »

no they are freehold themselves so dont have a Freeholder on their side to contend with

There y'go. It's not just as simple as the freeholder shuffling a little paper about and moving a bit of land from one lease to another.

HouseBuyer77

Are your neighbours also leasehold? Same freehold (i.e. freeholder owns a bunch of buildings/land both you and neightbour lease off the same freehold)?

In which case it's just a change of the leases, freeholder still owns the same property as before, no extra arrangements for ground rent/service charge as they already have them with your neighbour. Only costs incurred by them would be legals to sort out the lease change, no financial loss.

Freeholder doesn't have to grant permission for this of course but shouldn't really effect them much.

If the above is not the situation though I can see why they're kicking up a bit of a fuss and trying to get more out of the deal

G_M

tizzle6560 wrote: »

That area of of land would be transferred out of my lease completely and put into that of my neighbours

So in fact you are proposing TWO sales.

1) you plan to sell part of the lease of your garden to your neighbour

2) you plan for your freeholder to sell the freehold to that part of the garden to your neighbour.

That is why I tried to clarify things above - which you erroneously confirmed.

You DO intend for the freehold to be sold, despite not owning it. You ARE bonkers.

Of course the freeholder is going to charge a premium. He is not interested in the sale, so will only agree to sell his freehold if you (or rather your neighbour) offers him a sufficient incentive.

tizzle6560

HouseBuyer77 wrote: »

Are your neighbours also leasehold? Same freehold (i.e. freeholder owns a bunch of buildings/land both you and neightbour lease off the same freehold)?

In which case it's just a change of the leases, freeholder still owns the same property as before, no extra arrangements for ground rent/service charge as they already have them with your neighbour. Only costs incurred by them would be legals to sort out the lease change, no financial loss.

Freeholder doesn't have to grant permission for this of course but shouldn't really effect them much.

If the above is not the situation though I can see why they're kicking up a bit of a fuss and trying to get more out of the deal

its the latter, but they are basically running the risk of getting nothing as opposed to something.