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Defective Lease - ground rent issue
Pegstar
Posts: 2 Newbie
Hi There,
I am in the process of selling my flat but my buyers solicitor has raised an issue with the ground rent clause in the lease, rendering it defective.
I bought the flat in April 2015, when the developer was the freeholder and the Lease was for 125 years.The Freehold has since been bought by a large (very difficult to contact) company middle of last year.
The Lease states that that the ground rent payable from 2014 - 2038 is £200, increasing to £300 from 2038 - 2064. From 2064 to 2089 the ground rent is £400...but it does not state what the ground rent is for the remainder of the term of the Lease (50 years).
My solicitor has now gone silent and my buyer is hounding the estate agent, threatening to pull out. Is there any advice on how to proceed, or at least something I can ask my solicitor to do seen as she doesn't appear to be doing anything right now!
I am in the process of selling my flat but my buyers solicitor has raised an issue with the ground rent clause in the lease, rendering it defective.
I bought the flat in April 2015, when the developer was the freeholder and the Lease was for 125 years.The Freehold has since been bought by a large (very difficult to contact) company middle of last year.
The Lease states that that the ground rent payable from 2014 - 2038 is £200, increasing to £300 from 2038 - 2064. From 2064 to 2089 the ground rent is £400...but it does not state what the ground rent is for the remainder of the term of the Lease (50 years).
My solicitor has now gone silent and my buyer is hounding the estate agent, threatening to pull out. Is there any advice on how to proceed, or at least something I can ask my solicitor to do seen as she doesn't appear to be doing anything right now!
0
Comments
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I would ask the EA to ask the buyer what the they (or their solicitor) want to be done about the situation.
TBH, I would have thought that if no ground rent is mentioned in the lease for those years, then no ground rent is payable.
In general, it's possible to get indemnity insurance to cover losses resulting from a defective lease - but in this case, I'm not sure that's relevant.0
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