What are my rights? Please help. We shouldn't get a mortgage in a first place?

Janzzz

lincroft1710 wrote: »

You have no reason to complain about Halifax. The mortgage was clearly affordable as you paid it for 9 years. Regarding the lease, you will probably be wasting your time trying to pursue the solicitor. Put this behind you, learn from it and move on to the next stage in your life

Thank you, you are right.
At least I have learnt the lesson and I asked this time

ReadingTim

Crashy_Time wrote: »

Sounds like you have been spending too much time over at HPC HQ.

I think you'll find HPC HQ was sold in the early 2000s with the aim of buying it back at a fraction of the cost. In the intervening period, which is approaching its 2nd decade, they've run a decentralised campaign from bedrooms of the family home and squalid bedsits, interrupted only by the 6 monthly s.21 notice. Against a backdrop of magnolia walls and no pets clauses, they're patiently waiting for the crash which never came. Like a mantra, "any time now my friends, any time now" has rung out over the last 18 years....

kingstreet

nicmyles wrote: »

You're right in that it is surprising they gave you the mortgage without this issue at least being highlighted to you. But lenders can decide to lend or not as they choose, regardless of circumstances. You took the mortgage, ergo your problem.

As long as the remaining lease term was above the lender's minimum, it would not be queried.

The real issue is whether the length of lease was clearly identified by your solicitor in the paperwork they provided - you should check back and see. I suspect it probably was, though, honestly. If you had any questions about it, it was your responsibility to ask them, and that they were answered to your satisfaction, I'm afraid.

I would expect any solicitor to report to their client that the remaining lease term may have cost implications in the future. The OP seems to think because they accepted a lender recommendation for a solicitor fault for this lies with the lender. It doesn't. It remains the solicitor's liability.

Janzzz

davidmcn wrote: »

As I asked above, are you sure you paid "100%"? Or did you pay a price which reflected the short term of the lease? Did it seem relatively cheap at the time?

Good question David.
I have paid fair price maybe only slightly less. One thing for sure, I would definitely avoid buying it if I knew anything about 'marriage value' or I would count for it in our offer

I'ld probably have to accept that I should have known more

Janzzz

kingstreet wrote: »

As long as the remaining lease term was above the lender's minimum, it would not be queried...
...It remains the solicitor's liability.

Thank you again.

nicmyles

As long as the remaining lease term was above the lender's minimum, it would not be queried.

Indeed, but I bought a leasehold flat with a mortgage from Halifax some years ago, and I'm pretty sure at that time 60-odd years would have been below the minimum they would have lent on, hence my surprise.

Janzzz

nicmyles wrote: »

Indeed, but I bought a leasehold flat with a mortgage from Halifax some years ago, and I'm pretty sure at that time 60-odd years would have been below the minimum they would have lent on, hence my surprise.

It was 63 years and 11months when we have bought it
I don't know what was the mortgage leashold 'threshold' 9years ago.

hazyjo

A seafront flat in Brighton must surely be worth around double what it was 9 years ago? Even if the short lease has dropped its value, you can sell and renew the lease at the same time, putting its value back up to whatever it would be worth with a long lease. Surely this is worth doing.


£60k is a lot of money, but prob small change compared to what it will be worth with a long lease.

Janzzz

hazyjo wrote: »

A seafront flat in Brighton must surely be worth around double what it was 9 years ago? Even if the short lease has dropped its value, you can sell and renew the lease at the same time, putting its value back up to whatever it would be worth with a long lease. Surely this is worth doing.
£60k is a lot of money, but prob small change compared to what it will be worth with a long lease.

You are right. I only just found out about the possibility of "sell and renew the lease at the same time" - which is a massive relieve.
Thank you.

eddddy

Janzzz wrote: »

You are right. I only just found out about the possibility of "sell and renew the lease at the same time" - which is a massive relieve.

You can do this, but you might get a bad deal. It depends how 'nasty' your freeholder is.

In this kind of situation, some freeholders will see that they have you in a corner - because you need the lease extension in order to sell. So they will insist on a hugely inflated price.


You might get a much better deal by doing a statutory lease extension - but that could take 6 to 18 months, and you would need to find the cash yourself (perhaps by increasing your mortgage).


From a tactical point of view, don't let your freeholder know that you are desperate - or that you don't have the cash for a statutory lease extension.

Suggest to your freeholder that you plan to do a statutory lease extension, unless you can agree a reasonable price with them.