50 yrs lease remaining?

rabialiones

thanks for all the posts
she doesnt want me to post any docs , but i have read the land reg. documents and it does state 50 years remaining on lease.
she did not see these docs. prior to purchase, they were posted to her house after, however, she may have signed the land reg doc. at the solicitors office, being unaware of the length of lease, as she solely relied on the solicitors proffesionalism
would the length of lease been mentioned to mortgage company.?
if so, they may have some documentation as to what info they were given.
i am sure i read somewhere , that if there is less than 80 years left on lease then mortgage is not approved.

one of the documents states previous owners purchased/extended lease for 99 years
neither the mortgagees nor solicitor mentioned length of lease to her

rabialiones

davidmcn wrote: »

May be useful to find out what the solicitors told the lender about the tenure (as that would have been in writing).

Solicitors would seem to be on shaky ground if they can't prove that they told/warned clients that they were only getting a 50 year lease. Especially if it had been marketed as freehold.

would it be her word against theirs (solicitors) or would they have to prove that they did inform her?
also, does the indemnity insurance cover her or the solicitor?
if it does not cover her, would her own house insurance legal cover ?

she has never had a request for ground rent although in docs of previous owners , shows ground rent is payable

TrickyDicky101

Is it possible she owns both the leasehold and the freehold (they would have separate titles on the LR)? If not, who owns the FH?

rabialiones

just looked at LR doc, there are separate names for freehold

she is referred to as proprieter

davidmcn

rabialiones wrote: »

would the length of lease been mentioned to mortgage company.?

Their valuation would have assumed something about the tenure - either that it was freehold or that it was leasehold with a minimum of x years still to run (possibly somewhere in her paperwork). If that was incorrect then the solicitor needs to point it out to the lender so they can revalue.

i am sure i read somewhere , that if there is less than 80 years left on lease then mortgage is not approved.

Yes, quite likely lender wouldn't have lent if only 50 years were to run.

one of the documents states previous owners purchased/extended lease for 99 years

What document? When did this happen?

rabialiones wrote: »

would it be her word against theirs (solicitors) or would they have to prove that they did inform her?

More towards the latter when it's something this significant and prejudicial to the value of the property, I would say.

also, does the indemnity insurance cover her or the solicitor?

It covers the solicitor for claims made against them.

would her own house insurance legal cover ?

I can't see her policy from here...but she might be able to get legal advice through it.

csgohan4

for the price of a coffee these days, your friend assumed and signed without reading documents is a dangerous thing.


Always read contracts and you must read the LR deeds before buying. An expensive lesson.


Your friend now needs to decide if she has a case and spend more money chasing after bad or spend money on extending the lease ASAP

Freecall

csgohan4 wrote: »

for the price of a coffee these days, your friend assumed and signed without reading documents is a dangerous thing.


Always read contracts and you must read the LR deeds before buying. An expensive lesson.


Your friend now needs to decide if she has a case and spend more money chasing after bad or spend money on extending the lease ASAP

Where do you get a solicitor's advice for the price of a coffee?

Maybe coffee is expensive where you are.

csgohan4

Freecall wrote: »

Where do you get a solicitor's advice for the price of a coffee?

Maybe coffee is expensive where you are.

Do you need a professional to read the lease length on the LR?? it is numbers, not legal jargon.


Do you need a solicitor to tell you if it's a leasehold or freehold?


3 pounds


https://www.gov.uk/get-information-about-property-and-land/search-the-register

rabialiones

csgohan4 wrote: »

Do you need a professional to read the lease length on the LR?? it is numbers, not legal jargon.


Do you need a solicitor to tell you if it's a leasehold or freehold?


3 pounds


https://www.gov.uk/get-information-about-property-and-land/search-the-register

although i agree with your quote
i would assume that the reason you use a solicitor to make sure that there are no problems with the purchase and its their job to read through and make sure all documents are ok and point out anything such as the lease, especially if there is a minimum time remaining.
otherwise , i know some people take on purchasing/selling their property without use of solicitor , but personally , i would use solicitor to give peace of mind.
and i beleive mentioning the amount of lease remaining would be something they would note and mention to purchaser

rabialiones

csgohan4 wrote: »

for the price of a coffee these days, your friend assumed and signed without reading documents is a dangerous thing.


Always read contracts and you must read the LR deeds before buying. An expensive lesson.


Your friend now needs to decide if she has a case and spend more money chasing after bad or spend money on extending the lease ASAP

at this moment in time , she is so stressed that as long as the lease can be extended , she would be happy with that.

any ideas on how much it might cost, ? and is it a straight forward process, or long winded headache
as mentioned before, she has never received a request for payment of ground rent