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Purchasing the freehold
badaz52
Posts: 255 Forumite
Hi,
We are currently trying to sell our house and have lost a prospective buyer due to the terms of the current lease whereby the ground rent will double every 10 years. We are in year 5 and were not really aware of this clause before.
Based on this I thought about maybe buying the freehold and increasing the price slightly to accomodate this as we are not in any particular rush to sell but want to ensure we get a solid buyer.
I have made some enquiries with regards to purchasing the freehold and have basically hit a brick wall, the first response from the landlord's agent was that it was not for sale although they later said they do not wish to sell.
I have asked who the landlord is and they just give me their address as the agent? a quick look on the land registry does confirm themselves as the registered owner but I am confused over this client/agent part.
The property is a house so unfortunately the RFR did not apply when the builder Taylor Wimpey sold the land on 2 years after we moved in.
I have asked if we could come to a mutual agreement but they have insisted that I would have to go through the enfranchisement route to get it but this can take 6-12 months to go through which is just rubbish to be blunt.
Does anyone know if on the review date (year 10) whether they have to offer the freehold at all? as they are telling me their client is a long term investor. The freehold should be £5k based on value and years left on the lease although the landlord appears to have paid more hence the relucantance to come to an agreement.
We are currently trying to sell our house and have lost a prospective buyer due to the terms of the current lease whereby the ground rent will double every 10 years. We are in year 5 and were not really aware of this clause before.
Based on this I thought about maybe buying the freehold and increasing the price slightly to accomodate this as we are not in any particular rush to sell but want to ensure we get a solid buyer.
I have made some enquiries with regards to purchasing the freehold and have basically hit a brick wall, the first response from the landlord's agent was that it was not for sale although they later said they do not wish to sell.
I have asked who the landlord is and they just give me their address as the agent? a quick look on the land registry does confirm themselves as the registered owner but I am confused over this client/agent part.
The property is a house so unfortunately the RFR did not apply when the builder Taylor Wimpey sold the land on 2 years after we moved in.
I have asked if we could come to a mutual agreement but they have insisted that I would have to go through the enfranchisement route to get it but this can take 6-12 months to go through which is just rubbish to be blunt.
Does anyone know if on the review date (year 10) whether they have to offer the freehold at all? as they are telling me their client is a long term investor. The freehold should be £5k based on value and years left on the lease although the landlord appears to have paid more hence the relucantance to come to an agreement.
0
Comments
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The part which is getting me at the moment is the information about the freeholder.
The agent I have been contacting keeps referring to themselves as an agent and that their "client" does not want to sell.
I ask for the name of their client and they tell me the address of the agent as their registered office. A quick check of the land registry and the registered owner is the agent. It also states they are an LLP.
Does anyone know what might be going on here as it is very confusing? are they witholding this information or is there something I am missing?0
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