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Freehold and leashold title on house, cause concern?
fastbs
Posts: 177 Forumite
We are due to exchange on our property in the next week or so. There is both freehold and leasehold titles on the property, we have been sent copies of both titles and both titles numbers are listed on the contract ..
The current owners have lived in the property for years and years, I believe the current owners bought the freehold of the property years ago and I’m assuming the titles just hadnt been merged at that time. FYI, They have purchased another property and moving in there hence the sale of this one to us.
On the freehold title the current owners are listed as ‘title absolute’.
On the leasehold, the current owners are listed as ‘good leasehold’.
Our solicitor asked the current owners solicitor to upgrade the leasehold title to absolute but they have said this isn’t necessary as we are buying the freehold.
in our contract it states we are buying the ‘all that freehold’, I have obviously asked our solicitor if this will cause any issues and whether the leasehold title over the property will be merged to the freehold but I was just wondering whether anyone had any thoughts on whether this is gonna cause us any problems? I am assuming the leasehold title will either be merged/erased once we have purchased the property as I’ve read this is what normally happens.
The current owners have lived in the property for years and years, I believe the current owners bought the freehold of the property years ago and I’m assuming the titles just hadnt been merged at that time. FYI, They have purchased another property and moving in there hence the sale of this one to us.
On the freehold title the current owners are listed as ‘title absolute’.
On the leasehold, the current owners are listed as ‘good leasehold’.
Our solicitor asked the current owners solicitor to upgrade the leasehold title to absolute but they have said this isn’t necessary as we are buying the freehold.
in our contract it states we are buying the ‘all that freehold’, I have obviously asked our solicitor if this will cause any issues and whether the leasehold title over the property will be merged to the freehold but I was just wondering whether anyone had any thoughts on whether this is gonna cause us any problems? I am assuming the leasehold title will either be merged/erased once we have purchased the property as I’ve read this is what normally happens.
Our solicitor hasn’t raised any concerns to us about this at all but it was just something I picked up on and wondered whether we should be concerned. If anyone has any thoughts it would be much appreciated!
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Comments
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Nope, no problem at all. You will own title absolute to the freehold.
If you wish to dissolve the lease, you can do post-purchase. But, unless you actively do, both will simply be transferred to your name.1 -
That is very reassuring - thank you so much for your reply!AdrianC said:Nope, no problem at all. You will own title absolute to the freehold.
If you wish to dissolve the lease, you can do post-purchase. But, unless you actively do, both will simply be transferred to your name.0 -
Check with your solicitor, but I believe the contract needs to specify that you are buying not just 'all that freehold', but also the lease, otherwise the current owners could continue to live there as leaseholders.....fastbs said:
in our contract it states we are buying the ‘all that freehold’,
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Thank you. I have asked our solicitor. The contract states both the title numbers in there, does that mean anything?greatcrested said:
Check with your solicitor, but I believe the contract needs to specify that you are buying not just 'all that freehold', but also the lease, otherwise the current owners could continue to live there as leaseholders.....fastbs said:
in our contract it states we are buying the ‘all that freehold’,0 -
Update: solicitor confirmed the titles will be merged once completion has taken place0
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