We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Unable to sell leasehold property
Options
Comments
-
So did the freeholder allow the informal lease extension then? And did you sell to a cash buyer or with a mortgage?rosie222285 said:Hi All Sorry for delay, I was able to sell in the end after losing 4 buyers but it only completed late last year. It took 2 years 4 months in the end to complete. I had to complete a lease extension and the title hadnt been registered by the council so also had to get that done in order to get it to completion.0 -
Yes they did allow an informal extension as they didnt want their properties to be unsellable as they are meant to be starter homes. The house didnt have any management fees or service charges so was straight forward to do but took 4 months to complete. It was sold with a mortgage.2
-
Tbh this sounds like an impossible situation due to the below facts, which solicitors really should be spotting and warning against:
- Cannot staircase to 100% due to a specific max % for that housing scheme
- Cannot use statutory lease extension for shared ownership sub 100%
- Cannot sell to cash investors due to limitations on people who need shared ownership (i think?)
- Hence reliant on the freeholder agreeing to an extension which they are not obligated to do
1 -
I agree. It was an impossible situation. And, yet, as so often seems to happen, it got sorted!saajan_12 said:Tbh this sounds like an impossible situation due to the below facts, which solicitors really should be spotting and warning against:- Cannot staircase to 100% due to a specific max % for that housing scheme
- Cannot use statutory lease extension for shared ownership sub 100%
- Cannot sell to cash investors due to limitations on people who need shared ownership (i think?)
- Hence reliant on the freeholder agreeing to an extension which they are not obligated to do
No reliance should be placed on the above! Absolutely none, do you hear?0 -
Im just fortunate that the housing association did agree to an extension in the end. Now all the other houses in the cul de sac are going through the same process.1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards