Freehold on completion - help

kp1200

eddddy said:

kp1200 said:

The valuation must have look at the land registry as it’s technically still leasehold but being sold to us. It’s coming to the end of the its lease.

no I didn’t tell them anything as I didn’t know when we submitted an agreement offer..

It really sounds like there's been some misunderstandings here.

When you applied for a mortgage, the application form would have asked:

• Is the property freehold or leasehold?
• If leasehold, how many years are remaining?

Who filled in the application? If it was you, what did you put as an answer to those questions?

Or was it your mortgage advisor. If so, it sounds like they misunderstood the situation.

kp1200 said:

Our mortgage offer hasn’t been refused they just won’t submit us a formal offer until the property is freehold. Which won’t be until we exchange as they want to buy the freehold from the sale

You're correct in saying that the property won't become freehold until the completion date.

But that's unlikely to be the problem with the mortgage offer. The mortgage lender will be interested in what you get on completion, not what exists now.

If there's a problem, it will probably be something else. 

For example, there's some specialised legal work involved (merging a freehold and leasehold title).  It could be that your solicitor is unable to do that kind of work.

(How did you find your solicitor? What type of firm are they? e.g. online conveyancing specialist?)

Hi,

I really don’t know what the issues are the matter is quite confusing and seems like neither one wants to give.

My mortgage advisor has applied for the mortgage - which to our knowledge was freehold until once the lender had done the valuation it wasn’t. Therefore said the house wasn’t worth what it was selling at as it was leasehold.

my solicitors said they are capable of doing this but need to check whether my lender will offer the mortgage.

im not sure what I’m really supposed to do - sent the letter from my solicitor to my lender stating it will be handled simultaneously with the same and the purchase of the freehold.

just not sure what the issue is…