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Buying Freehold Lease
LindaBoy
Posts: 8 Forumite
I was paying the ground rent on a property and they took the money out yearly on a DD. I wrote to them (Simarc Properties) recently and they said that they have not managed the property since 2014. They gave me the new company and it sounds similar to Simarc its Premier Block Management and the owners are Starcrest Development Ltd. I only pay something like £11+ a year (or did) I'm frightened that I might open a can or worms if I ask to buy the freehold its got about 900+ years to go so its not life or death. PBM have asked for £48 up front to ask Starcrest will they sell. Your comments would be appreciated.
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Comments
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1) why are you paying anything if you are not receiving proper invoices/demands for payment from the correct freeholder?2) Why worry about a £11 pa cost on a 900 year lease? Unless your lease has provision for the ground rent to increase greatly over time?0
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I know you're right but the worry was when I went for a re-mortgage last year it was a bit more difficult to get it because I didn't know who the ground rent was being paid to and the fact it was not freehold. I don't think I'll bother it could cause too many problems. I understand though that you can buy the freehold if you don't know who the freeholder is? Does anyone know if this is true?0
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It is, but it's not relevant to you because you know who the freeholder is (or can easily check). It's a procedure more for situations where the freeholder was last heard of generations ago and nobody is collecting ground rent etc.LindaBoy said:I understand though that you can buy the freehold if you don't know who the freeholder is? Does anyone know if this is true?
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Yes I have another property and I don't know the freeholder and they're not listed anywhere. I have never paid ground rent and bought the property in 2007. The last known rent was £2.10s!!0
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This link might be useful then. This issue crops up a lot, if you search the history of this subforum.
https://www.fridaysmove.com/articles/vesting-orders-explained-how-buy-freehold-where-your-landlord-missing-285/285
There is no honour to be had in not knowing a thing that can be known - Danny Baker0
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