New built apartment: Share of Freehold BUT no lease

davidmcn

I expect they'd prefer the initial lease terms to be consistent, rather than some flats having 125 years and others 999 years. Not sure by what amount that would increase the price.

JonMitchell

From what the EA told me that 3 of the flats have exchanged and one had just been reserved + the one I am possibly interested in. Since all 5 owners will have a share of freehold, that won't affect the price will it?

EA had refused to let my solicitor have any contact of other owners with the share of freehold until completion though both my solicitor and myself would prefer to have the lease extended now then to be sorry at a later stage, ie locating owners etc.

Picture not too rosy at the moment, and I do agree the EA is incompetent.

JonMitchell

Just a follow up - it appeared that the EA had been lying inside out just like the lying politicians.

Lease - as mentioned in my last posts, it transpired that THERE IS INDEED A 125yrs lease drafted.

EA - EA is the sole selling agent for this block, banners advertised outside the block, but denied the other purchasers were through them when I asked if my solicitor can have their contact to sort out the lease from 125yrs to 999yrs.

999yrs lease - EA would not want to discuss with their vendor about 999yrs lease since there is a 20% equal share of freehold among the 5 owners.

All in all, extremely let down by this EA......not sure if I want to proceed really, who knows what other things they are hiding

eddddy

JonMitchell wrote: »

999yrs lease - EA would not want to discuss with their vendor about 999yrs lease since there is a 20% equal share of freehold among the 5 owners.

All in all, extremely let down by this EA......not sure if I want to proceed really, who knows what other things they are hiding

I'd guess it's more a case of an inexperienced EA who doesn't understand this stuff, rather than purposely hiding info.

(e.g. There's was no benefit to the EA in claiming there was no lease.)

And that's why the EA doesn't want to contact the vendor - they don't understand 'share of freehold' etc, and they don't want to look foolish in front of their client.


So... I would put the questions in an email to the EA, asking the EA to put the questions to the vendor.

That way, the EA can just forward the email to the vendor, without having to admit that they're out of their depth.

JonMitchell

Good idea Edddy, thanks. Will try that.

EA's job title - "Senior Negotiator"......

bouicca21

I am tempted to point out that I have a neighbour who is an EA, and has been for several years - assistant manager of the branch no less. His previous job was as a salesman selling flat pack furniture. His knowledge of property law, mortgageability, leases etc would not even fit on a very small portion of the back of that legendary stamp.


OP you need to talk to the developer's solicitor.

eddddy

bouicca21 wrote: »

I am tempted to point out that I have a neighbour who is an EA, and has been for several years - assistant manager of the branch no less. His previous job was as a salesman selling flat pack furniture. His knowledge of property law, mortgageability, leases etc would not even fit on a very small portion of the back of that legendary stamp.


OP you need to talk to the developer's solicitor.

I checked out an EA I was dealing with on linkedin - and his previous job was a swimming instructor! He was a very good salesman/negotiator - but I don't know how much property law etc he knew.

(Unfortunately, it's extremely unlikely that the developer's solicitor would respond to a prospective buyer.)

JonMitchell

Thanks boucicca - speaking to the developer's solicitor is not at all possible as EA refuses to release it.

I have asked the EA this morning to relay my message to the develop.

Lease of different periods for new built - is it possible for the original freeholder, ie developer, to offer different lease periods to properties. This question is related to the message I asked the EA to forward to the developer, as some of the flats have either complete or awaiting exchange. The flat I am interested in is the bigger of the lot and last one not sold as yet.

Thanks folks for your constructive advise, which is greatly appreciated!

Slithery

As you are this far through the purchase and 2 of the properties have already completed you must have already spoken to the neighbours several times.

What have they had to say about the vendors EA and solicitors?

eddddy

JonMitchell wrote: »

Lease of different periods for new built - is it possible for the original freeholder, ie developer, to offer different lease periods to properties.

Yes - it's possible (unless the developer has put something in the others' contracts saying that all lease lengths will be the same).

It's up to the developer whether they agree.