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Found out our property is leasehold, what next?
kslawrence
Posts: 1 Newbie
Just in the process of re-mortgaging with a different lender and they advised our property is leasehold (as they found on the registry searches) rather than freehold. Apparently it is a 999 year lease which started in 1998 with a yearly payment of £35.
We had always assumed it was freehold as we have never (13 years) been asked for rent and the previous owners (who lived there from 1998-2009) also advised they had never been charged rent. Previous lenders also never mentioned the lease at all. I have spoken with our neighbour (identical house built same time) and they also said they have never been asked for ground rent.
The bank isnt concerned as the lease is so long and it hasnt affected our mortgage rate with them in any way.
Any thoughts why the land owner never asked for the rent? Is it common to have a leasehold with no ground rent actually charged? I take it if they do decide to start charging rent, they can only backdate the claim up to 6 years?
We had always assumed it was freehold as we have never (13 years) been asked for rent and the previous owners (who lived there from 1998-2009) also advised they had never been charged rent. Previous lenders also never mentioned the lease at all. I have spoken with our neighbour (identical house built same time) and they also said they have never been asked for ground rent.
The bank isnt concerned as the lease is so long and it hasnt affected our mortgage rate with them in any way.
Any thoughts why the land owner never asked for the rent? Is it common to have a leasehold with no ground rent actually charged? I take it if they do decide to start charging rent, they can only backdate the claim up to 6 years?
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