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Selling a leasehold property
Habib2342
Posts: 184 Forumite
Hello,
Is it essential for a memorandum of staricasing to be provided to a buyers solictor if you are seling a leasehold property. Will the sale not go through without it ?
thanks,
Habib.
Is it essential for a memorandum of staricasing to be provided to a buyers solictor if you are seling a leasehold property. Will the sale not go through without it ?
thanks,
Habib.
0
Comments
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Staircasing?
That sounds like shared ownership with leasehold as an added attraction?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Assuming you're just talking about the shared ownership aspect, then no it's not essential, but it restricts your market as the vast majority of buyers want a 100% share.0
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that's what I have, 100% ownership. However I don't have the memorandum of staricasiing in my files. the freeholder said they'll look into their archives but if they don't find it, can they draft up a replacement version ?0
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Did you use a solicitor at the time? Don't they have a copy?0
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I bought the flat in 2007 but the solicitor at the time has merged into another firm an they don't have it in their archives. the freeholder were able to find it for antoher property in the same building as the sale of it wouldn't complete without it. So i'm assuming for 100% owned properties this document is essential...I will probably go and speak to the freeholder this week to ask them to dig their archives or ask if they were issue a replacement document. ...0
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Or if you have a mortgage the lender may be holding it with the deeds?0
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I'm not very knowledgeable in this area, but I don't understand why it's necessary. Surely the records at the Land Registry are good enough? I.e. they'd show the HA as well as you while it was shared ownership, and would change to show only you after staircasing to 100%?0
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