Freeholder banged up abroad

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Freeholder banged up abroad

    My wife and I own the freehold (we are both named on the title) of our building with Mr A. Mr A is in prison abroad and possibly won't be willing to sign documents in prison. He own the lease of the one other flat in the building.

    We are selling our flat (with the value on the leasehold) and have agreed to transfer freehold too (the title shows we paid £130 for this in 2015).

    To transfer the freehold to the new owners, keeping Mr A on the title, do we need his signature?
    Or are the signatures of my wife and I sufficient for the TR1?

    The title contains the restriction: No disposition by a sole proprietor of the registered estate (except a trust corporation) under which capital money arises is to be registered unless authorised by an order of the court.

    The freehold refers to us as 'Proprietor'.

    I understand that in some circumstances two of the proprietors can sign but I don't know when exactly.

    Thank you,

    #2
    Clearly the freehold is of nominal value only, presumably you have a 999 year lease at a peppercorn. If the best you can do is supply a transfer signed by the two of you, and the buyer can wait to see if the third proprietor resurfaces. I think each proprietor ought to sign but I would be interested to have the view of Lawcruncher who may have some interesting pearls to cast

    Comment


      #3
      Originally posted by flyingfreehold View Post
      Clearly the freehold is of nominal value only, presumably you have a 999 year lease at a peppercorn. If the best you can do is supply a transfer signed by the two of you, and the buyer can wait to see if the third proprietor resurfaces. I think each proprietor ought to sign but I would be interested to have the view of Lawcruncher who may have some interesting pearls to cast
      The lease is about 160 years with no ground rent - it has the value of the property that we bought it for 5 years ago.

      The freehold is currently being transferred for £1. If this was changed to nothing of monetary value would this help?

      Thanks - I'll await Lawcruncher then with baited breath, hoping there is some technicality that someone might get a result.

      Comment


        #4
        Also, if I was really stuck here, would being tenants in common like this be the same as owning it is a trust - could possibly arrange a section 25 power of attorney under the Trustee Act 1925 if so. The issue I fear is that he might not want to reveal a TR1 in a foreign prison that shows he owns a property/freehold abroad but might be willing to sign a power of attorney.

        Comment


          #5
          The share of a tenancy in common can be disposed of in a will, so there appears to be no reason why the half share in the freehold cannot be transferred if that was the share shown on the deed of trust created when the named parties were entered as proprietors of the freehold title.

          The transfer may require a TP1 form because it is a transfer of part of the registered title.
          i.e. The appropriate share owned by you and your wife, which is what will be transferred.

          Like the other poster I would also wait to see if Lawcruncher offers the high quality of legal advice as he so often does on this web-site.

          Comment


            #6
            Originally posted by pilman View Post
            The share of a tenancy in common can be disposed of in a will, so there appears to be no reason why the half share in the freehold cannot be transferred if that was the share shown on the deed of trust created when the named parties were entered as proprietors of the freehold title.

            The transfer may require a TP1 form because it is a transfer of part of the registered title.
            i.e. The appropriate share owned by you and your wife, which is what will be transferred.

            Like the other poster I would also wait to see if Lawcruncher offers the high quality of legal advice as he so often does on this web-site.
            That's interesting. Another thing I've noticed is that when the TR1 was entered when we were transferees, it stated that the three of us were 'to hold the property on trust for themselves as tenants in common in equal shares' - It was also marked as 'not for money'.

            The TR1 form for the new transferees, including Mr A is states 'they are to hold the property on trust as tenants in common with 50% for the two people we were transferring the leasehold to, and 50% for Mr A.'

            I don't know if this helps anyone who might want to help.

            Comment


              #7
              I found this in Practice Guide 24. I don't know if this would apply:
              If the disposition creating the trust requires the consent of more than two persons to a disposition and it is not possible to obtain the consent of all of them, but two of the necessary consents can be provided, this is sufficient in favour of a purchaser (section 10(1) of the Trusts of Land and Appointment of Trustees Act 1996).

              Comment

              Latest Activity

              Collapse

              • Reply to Purchase of freehold
                by Drewcole
                Hi, I thought it was a little high considering its two flat with a tiny hallway shared that hasn't been maintained since I've owned.

                I guess I can only try, if I do nothing then I'm letting them get away with over charging on the insurance. £1500 for insurance for the two flats seems...
                11-08-2020, 11:40 AM
              • Purchase of freehold
                by Drewcole
                Hi All,

                I own a 2 bed ground floor flat in a converted Victorian house (2 flats in total) that i have a long lease of 167yrs. I currently pay a ground rent of £160, a service charge of £400 and a insurance premium of £800!

                I have spoken to the owner of the flat above and...
                10-08-2020, 15:16 PM
              • Reply to Buying house with sitting tenant
                by Gordon999
                Yes, you should arrange for new AST rental agreement because the last one is in the previous owner's name and no longer valid. You have no legal right to hold the tenants deposit without AST agreement. .
                11-08-2020, 10:37 AM
              • Buying house with sitting tenant
                by carolem
                Residential house for sale with tenant holding over. AST for 6 months granted by letting agents of current owner in November 2019. Since it expired tenant been holding over and paying rent etc. As a potential purchaser who wants to buy it as investment with tenant in situ are there any issues for me...
                07-08-2020, 13:20 PM
              • Reply to Purchase of freehold
                by Gordon999
                If you find alternative companies are quoting much lower insurance premium, you can ask the current broker to declare how much commission has been paid and then you consider making application to FTT for judgement on the reasonable cost of the buildings insurance. ,

                I think your current...
                11-08-2020, 09:17 AM
              • Reply to Purchase of freehold
                by Drewcole
                Thanks for the replies, so I've had a quick look online to. See how long the lease is on the other flat, she seems to have about 63yrs remaining so the cost to try a purchase the freehold myself is a no go.

                I will write and request the insurance info and try and go down that route. Is there...
                11-08-2020, 07:12 AM
              • Reply to Purchase of freehold
                by Gordon999
                It requires both flats in a building with 2 flats ) to participate in compulsory freehold purchase. See last sentence in section 2 in the free guide.

                https://www.lease-advice.org/advice-...tting-started/

                If the buildings insurance is £800 per flat, you are probably...
                10-08-2020, 18:00 PM
              • Reply to Purchase of freehold
                by Anna1985
                I would check how long is downstairs lease.
                and then would run the estimated costs freehold on lease calculator.
                And go from there.
                10-08-2020, 17:52 PM
              • Reply to Documentation for renovations on share of freehold flat
                by Basecamp
                Thank you for your responses. We will consult w lawyer to have the Deed updated with the new floor plan....
                08-08-2020, 09:16 AM
              • Documentation for renovations on share of freehold flat
                by Basecamp
                We are a first floor flat, share of freehold with the ground floor flat. We both have a 999 year lease. In 2014 we did a loft conversion. We had a party wall agreement with the other share of freeholder flat, planning permission and it has all been signed off by building control. However, should we...
                06-08-2020, 10:45 AM
              Working...
              X