Concerned about venerable man with less than 50 years on his lease

JackSprout

Ok all good here then, thanks for the feedback, I guess I will have to put the lid back on this dark box and try and forget about it.

AdrianC

JackSprout said:

This may all be nothing and someone is simply trying to buy the Freehold for the upstairs flat before the auction

BTW, there is no freehold for just the upper flat. That's the lease.

The freehold is for the entire building, and the ground it sits on. Not that he can do anything with it, because the building is leased out in two parts. One upstairs, which you're looking at buying. One downstairs, which Jack bought when he was in his 30s or 40s.

Why do you think you know better now than Jack did then about what Jack may want to do with his money?

Slithery

JackSprout said:

Ok all good here then, thanks for the feedback, I guess I will have to put the lid back on this dark box and try and forget about it.

There is no dark box, just a perfectly normal box which didn't need opening.

anselld

Perhaps the new freehold purchaser has spotted a flat going to auction with short lease and decided they could pick up the freehold with a view to milking the s42 notice from the auction flat purchaser.

JackSprout

Yep I that's what it looks like to me, hence my concern if it was limited to that I don't think I would have an issue, bit underhand and if that's the only way you can make money, well then that's a bit sad, but its not limited to that is it.

68ComebackSpecial

JackSprout said:

Just seems a case of nothing is wrong, but everything is wrong, someone is going to make money out of this and it wont be Jack, he's just an element of what seems to me to be a sick systems that appears to benefit everyone except Jack and his heirs. This would not happen if Jack was 32 and had a higher education.

How do you know he hasn't had a higher education? If he has then it would undoubtedly have been far more rigorous than a dumbed down Blair era degree held by a 32 year old. My Dad's 84 years young - MA Oxon in Organic Chemistry.

JackSprout

Does no one actually see that this is just wrong?

anselld

JackSprout said:

Yep I that's what it looks like to me, hence my concern if it was limited to that I don't think I would have an issue, bit underhand and if that's the only way you can make money, well then that's a bit sad, but its not limited to that is it.

Well it is limited to that though, at least any time soon.  Someone in their 70s on a short lease is clearly not intending to seek an extension so is not a financial opportunity.  Someone who has already served s42 on the other hand has clearly signalled their intention to renew which is an opportunity for an experienced freeholder with access to the right surveyors etc.

You probably shouldnt consider buying a leasehold if you are this suspicious of freeholders.

Slithery

I've been renting a property from my landlord for 20 years now. I have decided that I don't want to pay my rent anymore but still live in the property for as long as I want to. Unfortunately my LL has said no. This is so unfair, why is my landlord allowed to make money off me for investing capital into a property and providing me with a service? I think I should be able to ignore the tenancy agreement that I signed now that I am older, my LL is so greedy.

GrumpyDil

It is very much what it is. If you buy a leasehold property then you have an interest in that property for the length of the lease. As the lease gets shorter it becomes worth less until the lessee decides to apply to extend it. If the lessee either chooses not to or can't afford to extend it then the lease will run down until it expires.