Leasehold issue during purchase

Halla26

Hi all,

Currently in the process of buying our first home. However we are a bit of a pickle.. The leasehold document provided unfortunately has one page missing, which for the solicitors is proving difficult to obtain. They are currently in contact with the freeholder trying to the source the missing page, however been number of weeks now unfortunately.

We have been provided with a indeminty in which if the sale was to go through, then a type of insurance could be drawn due to the page that is missing as in being sold and all parties are aware of this.

My questions be, a property being sold with a missing page of the leasehold, how would this effect us? Would it effect our mortgage? Is there no other way to source it? The seller themselves unfortunately don't have a copy so it seems stuck between their solicitors to freeholders at the minute


Any advice and help much appreciated thanks

Hoploz

Have you checked Land Registry website to see whether a copy is held online and could be downloadable for a few pounds?

If yours has the page missing you could download a neighbour's which is likely to be the same, and although not legally acceptable it could inform you of any restrictions or responsibilities you have and may have missing.

The risk will be come down to the lender, assuming you're buying with a mortgage. Your solicitor will report all info to the lender and they will state whether they are prepared to proceed, or not, or whether they will accept an indemnity.

Halla26

Hi thanks for the reply.

I've looked on the land registry site to which greeted with title plan, title register and flood risk. To get the leaseholds terms what would it fall under?

Was pondering this with the neighbours actually as the property isn't actually that old (29 years), so surely can't be too far out of our hands! :-)

Hmmm true, hope the lender won't have an issue with a indemnity.

ognum

I have bought many leasehold properties and would NEVER complete without thou rightly reading the entire document myself and would expect my solicitor to do the same.

With a lease the devil is in the detail and I have backed out of purchasers because of a clause in a lease, if you can read it how can you be sure, it's madness to rely on an insurance.

The insurance won't pay your escalating ground rent, won't allow you to keep a pet or not won't explain the nuances of life in your block.

Tell the seller you won't complete unless you have the lease, anything else could be a big risk.

davidmcn

Halla26 wrote: »

Hi thanks for the reply.

I've looked on the land registry site to which greeted with title plan, title register and flood risk. To get the leaseholds terms what would it fall under?

Was pondering this with the neighbours actually as the property isn't actually that old (29 years), so surely can't be too far out of our hands! :-)

Hmmm true, hope the lender won't have an issue with a indemnity.

I presume your solicitor (a) has already checked the obvious possible sources of a copy of the lease, and (b) knows whether or not your lender will accept an indemnity (they probably will).

If the page is missing then it's missing, so your options are proceed with insurance or walk away. Your solicitor can probably make an educated guess about whether it's a particularly important page.

Halla26

Thanks for the responses!

Well today we've found out their solicitor has been withholding from telling the seller themselves that the leasehold document is incomplete. We have asked them to contact the freeholder directly to obtain the proper full copy (obviously there is a fee). To which a week ago they told us they had. I've talked to the seller directly yesterday in which they are still unaware! Now suddenly not responding to messages..

Anyone know why they could be trying to withhold obtaining the leasehold and what they would gain from this? It is just the one page missing however there is 8 clauses on this page. What would they gain from us having to do a indemnity as really pushing for us to do one

eddddy

Halla26 wrote: »

Thanks for the responses!

Well today we've found out their solicitor has been withholding from telling the seller themselves that the leasehold document is incomplete. We have asked them to contact the freeholder directly to obtain the proper full copy (obviously there is a fee). To which a week ago they told us they had. I've talked to the seller directly yesterday in which they are still unaware! Now suddenly not responding to messages..

Anyone know why they could be trying to withhold obtaining the leasehold and what they would gain from this? It is just the one page missing however there is 8 clauses on this page. What would they gain from us having to do a indemnity as really pushing for us to do one

I suspect you're over-thinking this. It's more likely a simple mis-understanding, or delay in communication.

You seem to believe you know a lot about what your seller's solicitor is doing - possibly more than their own client knows. Where are you getting this info from?


Could you be reading too much into what your solicitor has said? Or could you be believing too much of what an EA says?