expired, not more needed

Slithery

Request1 said:

Lease is not messed up, simply edited to to rip off people. 

Once a lease exists it can't be 'edited' unless you agree.

Request1 said:

Your calculation seems to be right and flat is likely to be not mortgable. That's why the calculation is complicatly worded so ppl have no clue.

The lease isn't 'complicately worded' at all. Those are all standard lease terms (it's just missing the correct start date due to your purchasing solicitor not doing their job properly).

Request1 said:

The other issue is that the first ground rent increase is 25 years from the year it was grunted...

What does 'grunted' mean?

Request1 said:
So it means it can be as frequent as they want to rip off more

So again this is a problem with your purchasing solicitor. You haven't been 'ripped off' by the freeholder at all.

If you want accurate advice you need to post the full verbatim wording of the lease.

eddddy

Request1 said:

Lease is not messed up, simply edited to to rip off people.
Your calculation seems to be right and flat is likely to be not mortgable. That's why the calculation is complicatly worded so ppl have no clue. 
Thats why the vender sent me a copy of the leaae with cut out important issues. 

The other issue is that the first ground rent increase is 25 years from the year it was grunted with a increase date but there is no info how frequent it could be after first 25 years. So it means it can be as frequent as they want to rip off more

I'm just trying to piece together what you're saying.

Is it that you're in the process of buying a flat, and the seller has sent you some extracts from the lease to show the ground rent calculation?

If so...

• I don't think the ground rent terms make the flat unmortgageable

• The first ground rent review isn't due for 9 years - the leasehold reform legislation might have gone through by then. (i.e. removal of £250 ground rent "assured tenancy trap", ability to "buy out" ground rent, etc)

• Or you've got the fall-back option of a statutory lease extension to reduce ground rent to zero. But it might be very expensive.

Are you sure that the vendor is trying to trick you by only giving you part of the lease? 

How did this come about? For example, did you ask the vendor to send you some info before you make an offer?

Did you actually ask for the full lease? Leases are often around 50 pages long. If the vendor only has a paper copy, it's quite a faff to scan or photograph 50 pages. So maybe they just sent you a few extracts.

user1977

Request1 said:

Lease is not messed up, simply edited to to rip off people.
Your calculation seems to be right and flat is likely to be not mortgable. That's why the calculation is complicatly worded so ppl have no clue. 
Thats why the vender sent me a copy of the leaae with cut out important issues. 

The other issue is that the first ground rent increase is 25 years from the year it was grunted with a increase date but there is no info how frequent it could be after first 25 years. So it means it can be as frequent as they want to rip off more

If it really does omit a definition for the base date, that's not something which is going to benefit either party, so I'm not sure how it would "rip off" the leaseholder? There's no principle that the freeholder can just make up stuff which is missing from the lease.

Similarly, if it doesn't say there's a review after 25 years - then there is no further review. The freeholder can't decide to have one whenever they like.

I suspect you're either looking at an incomplete copy of the lease, or misinterpreting what you're looking at.

[Deleted User]

Thanks for your reply. Vendor sent me the lease with cut out all important pieces telling me the ground rent rules and other finantional issues. Vendor did this on purpose as specifically asked for the full lease. 
Solicitor found the full lease without vendors help. Then discovered that formula to calculate ground rent. 
When I realised that the current rent is £150,  £261 of would have been increased now and estimated at lease with current inflation trend and  prejections £380 in 9 years when it's due.
That all makes sense that the catch is the ground rent and explains that 50% flats in the building were sold within last 3 years ALL BY CASH!

BANK informed that £150 with the value of the flat outside London is way to much according their calculation and being on the edge of getting a mortgage, so I can imagine when it comes to £300 in the future.

Vendro seems to know what it s doing especially I have caught it already on a couple of lies about the property plus sending incomplete lease on purpose.

To be on the safe side I think I should not proceed with that purchase as might be ended up with ground rent issues affecting the sale in the future if I have to sell it. 

anselld

It makes sense not to buy if you don't like the terms.

If it helps in future you can request the lease directly from Land Registry on form OC2 by post for a fee of £7.

I would do this as a matter of course on any leasehold flat before entering negotiations and prior to instucting Solicitors.