Leaseholder/Freeholder no longer 'owner'.

lewishardwick

Hi all,

So my home purchase saga continues...

After chasing solicitors continually, I've found out in a letter dated April 14th (!) that the vendors solicitor is having trouble obtaining ID1s and the transfer of freehold signed.

One owner is very elderly and I suspect is just a bit old and doddery and doesn't have aclue what she's doing any more.

The other however is a little more confusing.

The letter notes 'Mr XXX no longer owns his leasehold property..." The properties are actually share of freehold, so if he is still the freeholder, I assume a LR search will prove this? I assume the lease is irrelevant. If he's the leaseholder and willing to sign all should be OK?

Really feeling like walking away. This was an issue highlighted over a month ago and still 'waiting'.

Anyone able to offer some wise words?

:wall:

eddddy

lewishardwick wrote: »

The letter notes 'Mr XXX no longer owns his leasehold property..." The properties are actually share of freehold, so if he is still the freeholder, I assume a LR search will prove this? I assume the lease is irrelevant. If he's the leaseholder and willing to sign all should be OK?

I don't follow exactly what you're saying... However...

Each 'owner' should own two things:
- a lease
- a joint interest in the freehold (perhaps via a share of a company)

It sounds like one owner sold their lease without transferring their joint interest in the freehold at the same time

So I guess that joint freeholder needs to be traced and everything sorted out before a freehold interest can be transferred to you.

G_M

I too am confused by your post.

1) Have you looked at the property's leasehold title? I assume your solicitor sent you a copy, but if not you can buy it here for £3.

Who is named as the owner(s)?

You say "'Mr XXX no longer owns his leasehold property..." so presumably he transferred ownership into Mrs X's (his wife's?) sole name? If so, it is simply a question of getting her to verify her ID and sign the contract.

Is she 'of sound mind'?

2) Have you looked at the property's freehold title? I assume your solicitor sent you a copy, but if not you can buy it here for £3.

Who is named as the owner(s)?

lewishardwick

Sorry,

Was a bit fraught last night.

The block consists of four properties, each with a 25% share on the freehold and their respective leases.

The property I'm buying, the Freehold and lease ane in the name of the vendor.

Mr XXX is the freeholder of the property above, the old dear, next door, ground floor.

The searches are my next port of call. See who is owning what according to the LR.

eddddy

Yes - so just to reiterate my previous post. Mr XXX almost certainly needs to be traced before you can proceed. Mr XXX will need to sign documents.


The worst case scenario is that Mr XXX is disinterested, because he's moved away (and perhaps forgotten that he's a joint freeholder) - and refuses to co-operate.

Or Mr XXX might even say something like - I'll only cooperate if you pay me £x.

lewishardwick

eddddy wrote: »

Yes - so just to reiterate my previous post. Mr XXX almost certainly needs to be traced before you can proceed. Mr XXX will need to sign documents.


The worst case scenario is that Mr XXX is disinterested, because he's moved away (and perhaps forgotten that he's a joint freeholder) - and refuses to co-operate.

Or Mr XXX might even say something like - I'll only cooperate if you pay me £x.

Thank you!

Looks like the property is not going to proceed as planned. I can afford to stay on in my rental on my own (flat mate moving out) for a month, maybe two, but there's no guarantee I wont still be in this position.

I think I'd rather withdraw the offer and find somewhere else.