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Potential House is Leasehold?
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FWIW, here's a couple of cases where the Estate Agent failed to tell prospective buyers that a property was leasehold - as opposed to Freehold - and, as a result, The Property Ombudsman ordered the EAs to pay compensation to the prospective buyers.
In the first case, the EA had to pay £1,300 compensation, in the second case £200. (But every case would be considered on it's merits.)The agent said that it was not their role to ascertain this information; indeed they said that they did not ask any tenure questions about properties they marketed.
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The Ombudsman expects an agent to ask questions about the property on various matters, one of which is tenure.
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The complaint was supported. The Ombudsman directed the agent to refund the buyer’s survey and legal fees, of £1,100 and made an additional award of £200 for the aggravation caused by this matter.
Link: https://www.tpos.co.uk/news-media-and-press-releases/case-studies/item/annual-report-freehold-vs-leaseholdThe property itself had been recently repossessed by the corporate seller client who had gained possession but, of course, had never lived there. The sale particulars were produced which stated that the tenure was “Freehold, Leasehold or Commonhold” and that “it is important that prospective purchasers seek confirmation from their solicitors regarding the tenure”.
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Under the CPRs the Agent was required to provide Miss D with material information that she needed to make an informed transactional decision about the property. Accordingly, I would have expected the Agent to have made some enquiries about the title before marketing the property. The fact that it was a repossession property and that the Agent was marketing an almost identical property on the same road that was advertised as shared ownership, should have prompted them to make more enquiries about the title.
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I made an award of £200 for avoidable distress, aggravation and inconvenience.
Link: https://www.tpos.co.uk/news-media-and-press-releases/case-studies/item/freehold-leasehold-or-commonhold-misleading-omission
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