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Free hold property with restrictions
Lotteflobble
Posts: 4 Newbie
My husband owns a leasehold house and is attempting to buy the freehold and sell the house at the same time. There are currently 30 years remaining on the lease. However restrictions have been placed on the purchase of the freehold regarding mining rights and only using as a residential property. The buyer's mortgage offer has been withdrawn as the buyer's mortgage lenders will not lend with these restrictions in place and the Trust that own the freehold refuse to remove them. They refuse to negotiate any further and are now saying they will withdraw their current offer to sell the freehold which they are within their rights to do as the original cut off date to finalise the purchase of the freehold has passed. Does anyone have any experience of this situation? Is there likely to be any mortgage lender that would be prepared to lend money in these circumstances, or will it only be suitable for a cash buyer? Any help would be appreciated.
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