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AprilR
AprilR Posts: 35 Forumite
Third Anniversary 10 Posts
edited 10 May 2017 at 3:46PM in House buying, renting & selling
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Comments

  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    An equity release wouldn't mean a lease - it'd mean a charge. Which would have been satisfied when the ownership passed over.

    If the freehold is being sold with the house, then there may well be a lease still. It's just that you would own both ends of that lease, so it effectively doesn't exist.

    What are the terms of the lease, anyway? If it's 900ish years at peppercorn rent, then it's very different to 99yr with substantial ground rent doubling every decade, which is where all the media attention has (rightly) been.
  • jbainbridge
    jbainbridge Posts: 2,027 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Be patient. Let your solicitor sort it out. Exchange when you are happy and have a full understanding of the situation.
  • ReadingTim
    ReadingTim Posts: 4,086 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Ask your solicitor to explain the problem and the proposed solution - that's what you're paying them for.

    At present your post is confusing either terminology (the words) or concepts (form of tenure and equity release). Until you can articulate the question properly, you can't expect an answer; and the best person who can is the professional you're paying - your solicitor.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Go in and speak to the solicitor for an explanation.

    This is why I repeatedly advise people here not to use online conveyancers (though I accept they work well for some people).

    * Are you sure it's a lease, not a Charge?
    * if a lease, is it registered? Check here.
    * if a lease, who currently owns it?
    a) Your sellers? (in which case they can pass it to you within the price you've agreed).
    b) Or someone else (who may have a right to live in the property for the next 99 years......!).
  • AprilR
    AprilR Posts: 35 Forumite
    Third Anniversary 10 Posts
    edited 10 May 2017 at 3:47PM
    ...............
  • ReadingTim
    ReadingTim Posts: 4,086 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    This is why you employ solicitors to do searches and the likes - to ascertain whether the property that's advertised as freehold actually is freehold.

    Some EAs might suggest something with a 999 year lease is 'virtually freehold': obviously it's not, but given most people struggle to live for 99 years...well, how many nine hundred year olds do you know...?!?
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    ReadingTim wrote: »
    This is why you employ solicitors to do searches and the likes - to ascertain whether the property that's advertised as freehold actually is freehold.

    Some EAs might suggest something with a 999 year lease is 'virtually freehold': obviously it's not, but given most people struggle to live for 99 years...well, how many nine hundred year olds do you know...?!?

    Although if the lease started 998 years ago...
  • ReadingTim
    ReadingTim Posts: 4,086 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    agrinnall wrote: »
    Although if the lease started 998 years ago...

    Suspect that any lease which started 998 years ago came to an abrupt end 951 years ago when the Normans invaded. 1066 and all that...
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    ReadingTim wrote: »
    Suspect that any lease which started 998 years ago came to an abrupt end 951 years ago when the Normans invaded. 1066 and all that...

    Although if it was a lease held in 1019 by Richard II, Duke of Normandy, maybe his grandson William the Conqueror would have left it intact.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    AprilR wrote: »
    ...... We've only been told that it's attached to the previous owners and is for 999 years.
    Anyone ever heard of a lease being attached to a person.....?
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