Look over this mortgage valuation survey please?

fiwen30

Deleted_User said:

who submitted the mortgage application?  The leasehold information hasnt just magically appeared.   Halifax system asks if its freehold or leasehold and if the latter asks for how long is left on the lease.  Whoever submitted the mortgage application has told the lender it is a leasehold house with 85 years left on the lease. 

It was our mortgage advisor who submitted the application for us. Presumably, he obtained the tenure information from our conveyancing solicitor.

However, I’m stumped that the conveyancing estimate we were given has the property listed as freehold. I understand that mistakes happen, but surely there are different costs/searches/checks involved, depending on whether a property is leasehold or freehold? I’m concerned that we may have agreed to fees that were not correctly given, if the property is indeed leasehold.

[Deleted User]

More likely to have been the estate agent to have given the information.  I wouldn't expect a solicitor to have that info at such an early stage.  

Speak to the estate agent to find out if its leasehold or freehold and if its leasehold you will let the solicitors know so they can issue a new quote.   You will also decide how you want to proceed if it is an 85 year leasehold house

fiwen30

An update, if anyone is interested.

Thank you @Deleted_User I phoned the estate agent on your recommendation, and she was able to tell me that the property is indeed leasehold. I was then able to get in touch with the assistant of our solicitor, who confirmed that the ground rent is £30/year, and that the lease has a healthy 9000 years left on it! So we shouldn’t need to worry about shelling out extra costs to purchase the freehold, unless we choose to. To say that we’re relieved would be an understatement, after reading so many horror stories about short leases on the forum recently.

We’ve an appointment with our MA on Friday, to look  go through our mortgage offer(!) and arrange insurances.

D.L

fiwen30 said:

An update, if anyone is interested.

Thank you @Deleted_User I phoned the estate agent on your recommendation, and she was able to tell me that the property is indeed leasehold. I was then able to get in touch with the assistant of our solicitor, who confirmed that the ground rent is £30/year, and that the lease has a healthy 9000 years left on it! So we shouldn’t need to worry about shelling out extra costs to purchase the freehold, unless we choose to. To say that we’re relieved would be an understatement, after reading so many horror stories about short leases on the forum recently.

We’ve an appointment with our MA on Friday, to look  go through our mortgage offer(!) and arrange insurances.

I'd still be wary... time flies and all that. The clock is ticking and in 8,930 years you will need to worry about marriage value. Best to do it early.