Selling my flat

nrn

Any advice we are selling out flat in UK having retired to the sun, been renting over here but want to buy a permanent home in the sun. Conveyancing has been a complete nightmare firstly with fire regulation certification, freeholder/ management company not cooperating. Now faced with losing our buyer because their lender are struggling to get confirmation that ground rent won’t double every two years. Management company can’t confirm this as they only act for Landlords. Landlords? Who are they how do I get them to cooperate? . Are we stuck is our flat unsellable , as been suggested ? Help!! 

user1977

What do you mean by "struggling to get confirmation that ground rent won’t double every two years"? What currently happens under the lease ought to be clear enough, do you mean it does say that and you're trying to get it varied?

AdrianC

Firstly, you need to identify what your lease actually says.

Spend three quid and download it from the Land Registry.
https://www.gov.uk/get-information-about-property-and-land/copies-of-deeds
That will tell you what the ground rent is, and by how much it increases how frequently.

Alternatively, your solicitor should be able to tell you.

One thing's for sure - it won't be two year doubling. It might be 10 year doubling (unmortgageable) or 25yr doubling (easily mortgageable).

eddddy

nrn said:

Any advice we are selling out flat in UK having retired to the sun, been renting over here but want to buy a permanent home in the sun. Conveyancing has been a complete nightmare firstly with fire regulation certification, freeholder/ management company not cooperating. Now faced with losing our buyer because their lender are struggling to get confirmation that ground rent won’t double every two years. Management company can’t confirm this as they only act for Landlords. Landlords? Who are they how do I get them to cooperate? . Are we stuck is our flat unsellable , as been suggested ? Help!! 

You need to explain the issues a bit more clearly.


Is the issue that your buyer wants/needs a Deed of Variation to change the ground rent - perhaps to satisfy their mortgage lender's requirements?


And you're having problems because this isn't something that the Management Company can arrange - it has to be arranged with the landlord?  And maybe the landlord isn't responding?


(The landlord is another name for the freeholder.)

Northern_Line

By “fire regulation certificate”, I assume you mean EWS1 form? The guidance states that this only apply to buildings above 18m. For those under 18m with visible cladding or balconies, it may not necessarily be required, but further reassurance may be needed that it is not flammable.

In any case, EWS1 forms are not Elgar requirements. It is only a requirement to lend. You basically have two options depending on what sort of building you live in if the freeholder is uncooperative. 

1) ask your buyer to find a different lender if the building is bellow 18m. You won’t have any luck if it’s above.

2) hold out for a cash buyer. Although if your building is high rise and has visible cladding, any savvy buyer will likely be weary of purchasing something that might land them with a huge bill for remedial works in future.