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New built apartment: Share of Freehold BUT no lease
Comments
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Hi Slithery
It is a new build of apartments and none of the owners have moved in yet, so no one is available for me to knock on their doors to ask.
The EA refuses to let me chat to other purchasers (owners) until after completion, not sure if there is any detrimental issues for the EA of me contacting the other owners, especially those who have exchanged contract.
Just for record, I have yet to put in an offer to this property, though am interested.0 -
My lease was issued in the name of the first purchaser, so presumably a lease will be issued as and when the purchase is made. I think what you need to ask for is the draft terms.0
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Bouicca thanks.
Lease - in my OP, EA initially stated there are share of freehold and NO LEASE. This was later proved to be erroneous information that the EA, sole selling agent, as per my further perusals.
As the apartments are all new built, forum members have correctly discussed that there will be no lease until completion had taken place of which a NEW LEASE would be issued. I believe the "first purchaser" would be the developer who bought the piece of land.
My latest dilemma is - after the EA was proven wrong to inform me that there is NO LEASE, although there is a share of freehold. The drafted lease is only 125yrs.
I do understand 125yrs is a standard lease but with 5 owners with equal share of freehold, I really wish to have the lease offered at 999yrs. This will save me hassle of finding owners in the future when extension of the lease is concern, which can be legally expensive and time wasting. Therefore I am not sure if I want to pursue this property, so much hassle to begin with certainly does not look promising.
So far EA had not been brilliant but thanks to all advises here, it makes sense when people know what they are doing.0
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