‘Defective’ lease (possibly) and should I pull out?

AliceBanned

Thanks Edddy. I’ve gone back to EA and asked, also saying I’ve looked into history of the freeholder and am concerned, that therefore the Deed of Variation enquiry is a deal breaker.

I just foresee problems in the future and it’s not worth the risk. They may play ball - but will probably put it back on the market! Que sera.

AliceBanned

well I have been given a reason by the estate agent - ‘timescales as they are paying service charge every month’. Hardly a huge vote of confidence. I wait to hear but they know I’m pulling out unless I get Deed of V.

Slinky

Looking in from the outside, everything seems to be saying go for the house.

AliceBanned

Yes and still no response from the vendor or EA. I saw a maisonette with share of freehold that looks very nice and have arranged a viewing. Whilst I’m waiting for some effort from vendor, they may lose out.

AliceBanned

PS as it’s on for £325k which is a comfortable amount. I’ve asked the EA for freehold details which I hope is just shared with flat above- it looks like a converted and extended 1950s semi. With garden.

eddddy

AliceBanned said

I’ve asked the EA for freehold details which I hope is just shared with flat above- it looks like a converted and extended 1950s semi. With garden.

Yep - it's a good idea to find out lots about how well the 'shared freehold' is running.

'shared freeholds' can sometimes work well, but sometimes be much, much worse than freeholders which are owned by 'professional' property managers.

(There seem to be many more posts on this board about problems with 'amateur' joint freeholders, compared to 'professional' freeholders.)

If there are just 2 joint freeholders, and the other one is indifferent; difficult; refuses to spend money on vital repairs; refuses to pay for buildings insurance; does things that breach the lease; refuses to cooperate with lease extensions and flat sales - it could be a nighmare.

And even if the current joint freeholder is 'good', they might sell, and the new joint freeholder might not be so 'good'.

AliceBanned

back to the original flat and Section 121 the owner is willing to approach the freeholder but thinks the Deed of V could take 3 months and has asked could I pay for the Deed of V. I’ve said I could contribute but could they please find out how much it will cost.

They are aware I could just walk away and that liability insurance is available so I doubt they are keen but it would take even longer if I walk away. It’s a nice flat otherwise so I will go ahead if we can sort this. I had to chase the EA today and put pressure on!

AliceBanned

I have some doubts about the maisonette now as the main bedroom window faces the side wall of house next door and I still haven’t been given share of freehold details.

BungalowBel

I would just buy the house. The £3k a year will go towards the extra costs and theservice charges will be there for the rest of your life.

AliceBanned

https://forums.moneysavingexpert.com/discussion/comment/82097266#Comment_82097266

Well even that is on a private road - £1200 charge per year. But also it’s slightly over budget and I don’t want to max out my mortgage. It’s quite a lot more. That’s why most people who can’t afford a house in England are stuck with leasehold.