Leasehold and freehold on house

eddddy

LisaPeters said:

princeofpounds said:

You don't really need a second opinion - you need your current solicitor to walk you through their decision-making so you understand what your situation exactly is.

I think most people would like to tell you it's going to be fine and with the indemnity you have little to worry about. But without some history on the origin of the lease no-one can 100% claim there won't be any hassle (the indemnity should protect the financial outcomes). But it's one of those 99% things. The fact that the mortgage lender is willing to lend tells you a lot; they view the property as good collateral.

My deposit is over £100,000 so this is also my worry.

Maybe double check that the Indemnity Policy covers you as well as the mortgage lender.

(Some indemnity policies provide "lender only" cover  - i.e. they cover any losses that the mortgage lender suffers, but not any losses that you suffer.)

LisaPeters

My solicitor has just emailed me a fax from the mortgage company dated January confirming they are happy with the situation as long as the indemnity covers both them and me. The main issue here I think is the lack of communication and information from my solicitor. She has done nothing to allay my worries about this, maybe a simple conversation explaining all this from her would have helped! Thanks everyone for the advice, much appreciated.

princeofpounds

LisaPeters said:

The main issue here I think is the lack of communication and information from my solicitor. She has done nothing to allay my worries about this, maybe a simple conversation explaining all this from her would have helped! Thanks everyone for the advice, much appreciated.

Nothing surprising for a conveyancing solicitor. They see hundreds of cases a year, they forget what it may look like to lay people, and they don't get paid for good communication so incentives are poor.