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leasehold vs share of freehold
Comments
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The tenure has not been changed.leane_r2002 wrote: »...... A day later contract turns up stating that I would be a 999 year leaseholder, as opposed to owning a share of the freehold........ from the info that I have, it would appear that the vendor has changed his mind and decided to retain the freehold.
n changed but j guess we will need to go through solicitors to obtain
i had hoped I could get a simple answer from the agents as to why the the tenure had beemore facts and make a decision from there.
Being flats, there are two relavant Titles: the Leasehold and Freehold. You were always going to be buying a lease (and 999 years is pretty damn good!). The issue is whether you will ALSO own a share of the freehold.
A true 'share of freehold' where there is no lease as well is a legal nightmare and totally unmortgageable (no lender will agree to lend on it) - so if you are offered that, run a mile.
What you need your conveyancer to establish is whether you will ALSO be offered a share of he freehold in some form and when - it is likely to happen once the (very attractive 999 year) leases to both flats have been sold.
Having said that, and given that this development plan has been proposed by the landlord, I'd not be happy if the seller IS planning to retain the freehold. God knows what he might do in future.
And like you I'd want a guarantee (not just a promise) that the freehold will be transfered as well, ad at no extra cost.
But that is all for a discussion with your conveyancer. Hopefulky you've ben sensible and gone for a local firm so you can pop in and discuss all this fully, face-to-face, so you understand properly.0 -
I suppose if he retains the freehold it means he can pretty much go ahead with works without consultation0
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And that is my biggest fear which is why im having doubts. I've requested that my solicitor seek clarification to see where we stand. Fingers crossed it will work out, as I do love the flat.0
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Personally i'd walk. Sell the place you have and go into rental whilst you find a more suitable property without all this carry on.0
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