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Freehold flat with a short lease
JaneHop
Posts: 12 Forumite
Hi, we're in a process of buying a ground floor flat which owns the freehold of the building + a leasehold, whilst the first floor flat only is a leasehold. First concern of our conveyancer is the freehold situation which appareantly is unusual, and the other thing is that the leashold on this flat is less than 50 years. Initial idea was that the Owner will extend the lease herself and all is going to be ok. However later in the process, her solicitor said that the Owner being also the freeholder cannot grant a lease extension from herself to herself and that eventually the lease will expire and will automaticlally revert back to the freeholder and she doesn't seem to think it's an issue.
Now, please help me understand all of this. Is the short lease a huge problem since we'll be the freeholders anyway? Who extends the lease? Do we even need a lease?
I'd appreciate your help!
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Use this thread instead;-
https://forums.moneysavingexpert.com/discussion/6369125/freehold-flat-with-a-short-lease#latest
I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
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