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Lease
hellomynameisjo123
Posts: 3 Newbie
Hello,
I am looking into purchasing a flat, in cash. The current lease shows that the owner has a staircasing mortgage. I am not concerned about the transaction side of things. What I am wondering though is if I will get a lease, showing my obligations and restrictions. My solicitors have only sent me the latest lease and obligations of the current owner. Given my circumstance is different to the current owner, I'd have thought I would have less restrictions etc. Won't l have my own lease? Are the conditions negotiable? The seller wants to exchange soon!
Thank you
Jo
I am looking into purchasing a flat, in cash. The current lease shows that the owner has a staircasing mortgage. I am not concerned about the transaction side of things. What I am wondering though is if I will get a lease, showing my obligations and restrictions. My solicitors have only sent me the latest lease and obligations of the current owner. Given my circumstance is different to the current owner, I'd have thought I would have less restrictions etc. Won't l have my own lease? Are the conditions negotiable? The seller wants to exchange soon!
Thank you
Jo
0
Comments
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The seller is selling you the remaining portion of their lease.I am not a cat (But my friend is)0
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The existing lease (conditions) is written out for someone who didn't fully own the property though. I will own the flat fully...0
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hellomynameisjo123 wrote: »The existing lease (conditions) is written out for someone who didn't fully own the property though. I will own the flat fully...
You will only be the leaseholder the freeholder owns the flat.
The freeholder is the only one who can vary the lease.I am not a cat (But my friend is)0 -
So shouldn't they (my lawyers?) give me a lease written out for me? Not the current which is written out for the current owner? Sorry I've never bought a flat before...0
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No.
The current owner of the lease is selling you that lease - the one they own.
If it was originally for, say, 99 years, and was set up 5 uears ago, you will be buying the remaining 94 years of that lease.
the seller's mortgage arrangements are irrelevant.0 -
hellomynameisjo123 wrote: »The existing lease (conditions) is written out for someone who didn't fully own the property though. I will own the flat fully...
I suspect the lease document has some conditions/restrictions that only apply if you have a share of the property, and some conditions that only apply if you own 100% of the property.
A typical example being, if you only own a share of the property, you cannot sub-let. But if you own 100% of the property, you can.
So you can ignore any restrictions and conditions that only apply to people who only own a share of the property.0
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