Leasehold charge for when i remortgage

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    Leasehold charge for when i remortgage

    Hi guys, can I ask in your opinion what does the following mean.



    I. Clause 2 (xix) of the previous Lease shall be deleted and replaced with the following:-

    Within one month after every assignment transfer legal charge instrument of charge or underlease (whether absolute or by way of mortgage) of the Demised Premises or any devolution of the interest of the Lessee under this present lease in the Demised Premises to give notice in writing with particulars there of to the Lessor or his agents and produce such assignment transfer legal charge instrument of charge mortgage or underlease or in the case of any such devolution the Probate of Will or the Letters of Administration.



    under which devolution arises and to pay to them their fee calculated at the rate of Nought decimal point one per centum (0.1%) of the consideration set out in the document then being registered save that where the consideration is nominal or there is no reference to consideration the said fee shall be Nought decimal point one per centum (0.1%) of the last full consideration for value relating to the Premises subject in any event to a minimum fee of Fifty Pounds (£50.00).



    No fee shall be payable in respect of a Mortgage Charge or Discharge if a fee is paid for registration of another contemporaneous disposition of the Premises

    #2
    It means that if you sell the property for 400K you pay them a fine of £400. How and when was this clause changed. Hard to see why anyone would consent to such a clause in retrospect?

    I personally would not buy such a place -- it shows that it is being managed by crooks

    Comment


      #3
      It was in the lease but the last ***** owner was such a ****** and he basically neglected the place , I seriously can't believe anyone would make decisions he did. But he paid for it in the end.

      1. He let the lease run to about 70 so had to pay a huge fee to renew it to above 80.

      2. Then the property was such a state

      3. Lastly he basically went give me the cheapest extension . So leaseholder jacked up ground rent and put in this dodgy charge .

      But on the better news note there are no service charges and I can choose my own building insurance so if yes not as bad as it could be .

      I contacted them about the fee and what it involved and was net with avoidance and evasion . Like most services or charges in this business once you ask questions people tend to become evasive as they know it's just a ******.

      Makes my blood boil how they are able to get away with it eg leasehold scandal .

      But I think maybe in retrospect my situation not to bad as it could be

      Comment

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