Leasehold freehold

Erintate

Hi 
I am currently in the process of buying a new house the house is currently leasehold but the seller has purchased the freehold and has a solicitors letter to confirm the purchase of this. The land registry has a huge delay and we have been informed it can take 6/8 months to update to freehold. They have a expedited this but still may not be updated by completion. If we purchase the house before the freehold is updated on land registry, I am just a little confused with how this will effect us after the purchase, once purchase is completed. As this will be purchased as leasehold but 6 months after land registry will update the house to freehold in the original sellers name? 

Many thanks for your response! 

Marky4040

Erintate said:

Hi 
I am currently in the process of buying a new house the house is currently leasehold but the seller has purchased the freehold and has a solicitors letter to confirm the purchase of this. The land registry has a huge delay and we have been informed it can take 6/8 months to update to freehold. They have a expedited this but still may not be updated by completion. If we purchase the house before the freehold is updated on land registry, I am just a little confused with how this will effect us after the purchase, once purchase is completed. As this will be purchased as leasehold but 6 months after land registry will update the house to freehold in the original sellers name? 

Many thanks for your response! 

Your solicitor needs to draft a contract stating the freeholder (vendor) is transfering the title to you as part of the purchase. They should know exactly how to do this .

eddddy

Just to clarify...

It sounds like you will be buying 2 completely separate things :

1. The leasehold title of the house - which you'll buy straight away
2. The freehold title of the house - which you'll buy later

You will continue to own both of those two things - until maybe you decide to sell the house, and move somewhere else.

(In theory, once you own both of those things, you could extinguish the leasehold title - so you're just left with the freehold title. But I suspect you will be getting a mortgage on the leasehold title, so it's probably easier to just keep both of them as they are.)

user1977

No, however long it takes the LR to deal with the existing application doesn't matter. Your application will take its turn behind it so you'd end up being the owner.

Slithery

Are you buying the freehold and the leasehold or just the leasehold?

Erintate

Slithery said:

Are you buying the freehold and the leasehold or just the leasehold?

The house has a 76 year leasehold at the minute but when I put my offer in on the house we agreed that the vendor would purchase the leasehold on the property due to the short term, they have purchased this and I have seen the legal papers to state this from their solicitor and also the TR1 form. We are awaiting land registry to update the property information. I’m very new to purchasing a house with this information as my previous property was freehold. So I’m not sure if purchasing leasehold and freehold, thank you so much for your response. 

canaldumidi

I assume you mean the vendor has bought the freehold....

Land Registry will take a long time to update. The vendor might be able to get the LR to 'expedite' given there's a linked sale.

leaseholdservice

A leaseholder has a contract with the freeholder that sets down the legal rights of either side.The freeholder is mainly responsible for maintaining the common parts like – hallways, corridors, walls, roof, staircase, gardens etc.

eddddy

leaseholdservice said:

A leaseholder has a contract with the freeholder that sets down the legal rights of either side.The freeholder is mainly responsible for maintaining the common parts like – hallways, corridors, walls, roof, staircase, gardens etc.

So... 

• You've resurrected an old post
• You've copy/pasted a piece of text from another website which isn't relevant to the thread
• You've given yourself a username which tries to make you sound 'official' 

It will be interesting to see what your plans are.



It's also interesting that

• The text you've copied/pasted looks like it originally appeared on a Home Owners Information website...
• Then it looks like it was copied / paraphrased / (stolen?) by a company offering services to leaseholders...
• Then it is copied here.

Are you involved with a company that offers services to leaseholders?