Land Registry

danibx

Hi

I wondered if someone could give me advice. Me and my partner are both FTB, we had an offer accepted for a 'Freehold' house, now 6 weeks on our solicitor has contacted me to advise that the draft contract states it is in fact a Leasehold.

There is 970 years left on the lease, but we planned on knocking down the conservatory and replacing it with a small extension.

We both aren't too clued up on how this all works, so would appreciate someones advice who knows a bit more about this. We are meeting the solicitor on Friday to discuss, but I am panicking now and am wondering if it is an issue or not a big deal?

Should we be annoyed and offer less (although our accepted offer was 25k under asking price already)? Or is it not really a problem due to the lease having 970 years left?

Thanks in advance for any help!

SmashedAvacado

if you can answer these questions, then we can give you a considered view

Does the lease prevent works / alterations / additions - it wont prevent the works you have in mind in any event, but could slow you down?
What is the ground rent? Can it increase?
Is there a service charge for any common areas - presumably not?
Who is responsible for insuring - landlord or tenant?

danibx

SmashedAvacado wrote: »

if you can answer these questions, then we can give you a considered view

Does the lease prevent works / alterations / additions - it wont prevent the works you have in mind in any event, but could slow you down?
What is the ground rent? Can it increase?
Is there a service charge for any common areas - presumably not?
Who is responsible for insuring - landlord or tenant?

I will need to ask the solicitor for answers to some of the questions. I have answered what I know so far below...


What is the ground rent? Can it increase? Only £57 per year over 30 years - I will ask if this can increase.
Is there a service charge for any common areas - presumably not? No Service charges.

Its helpful to know which questions we should be asking though!