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Leasehold house - but the co collecting monies are not registered owners!
Lillie_Munchkin
Posts: 30 Forumite
Hello everyone
We have FINALLY sold our house but have hit a snag with the lease. It's very common in my part of the world for houses to be Leasehold. Our house, built 1902, has a 999 year lease, rent is £3.15 per annum. We have lived here for 30 years and have always paid a company in London. They raise invoices each year and we pay them. We have not bought it because why would you when it's only £3.15 pa, but we're beginning to wonder about our wisdom now.
It turns out that the company who have been collecting the rent all these years are not registered as Freeholders at Land Registry. The company who is, were dissolved back in the late 1970s. Interestingly, when we bought the house in 1986 this did not come up. I have spoken to the company collecting rent, who have given us this information, which we have passed onto our solicitor, and they are now consulting with their solicitors to see what can be done. I don't think this is a fraud situation, I just think they haven't registered the title, but even so .......
Just wondering if any of you have had this situation yourselves, or are legal eagles and know how these things work. We are looking to complete on 30th May, so not much time, I read somewhere that registering the title can be done AFTER completion, but this seems a bit more complicated to me. We're just hoping that the legal teams can come up with some kind of agreement that the buyers will go along with, otherwise I can see us still here in 3 months' time!
Any observations/advice would be most helpful.
Lynne:eek:
We have FINALLY sold our house but have hit a snag with the lease. It's very common in my part of the world for houses to be Leasehold. Our house, built 1902, has a 999 year lease, rent is £3.15 per annum. We have lived here for 30 years and have always paid a company in London. They raise invoices each year and we pay them. We have not bought it because why would you when it's only £3.15 pa, but we're beginning to wonder about our wisdom now.
It turns out that the company who have been collecting the rent all these years are not registered as Freeholders at Land Registry. The company who is, were dissolved back in the late 1970s. Interestingly, when we bought the house in 1986 this did not come up. I have spoken to the company collecting rent, who have given us this information, which we have passed onto our solicitor, and they are now consulting with their solicitors to see what can be done. I don't think this is a fraud situation, I just think they haven't registered the title, but even so .......
Just wondering if any of you have had this situation yourselves, or are legal eagles and know how these things work. We are looking to complete on 30th May, so not much time, I read somewhere that registering the title can be done AFTER completion, but this seems a bit more complicated to me. We're just hoping that the legal teams can come up with some kind of agreement that the buyers will go along with, otherwise I can see us still here in 3 months' time!
Any observations/advice would be most helpful.
Lynne:eek:
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