Viewing Lease before buying

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  • sgclacy
    replied
    Originally posted by jp13abk View Post
    opteron thank you for the advice, it’s very helpful. I will search for solicitors that operate on a no-completion-no-fee basis.

    eagle2 thanks for your reply.

    sgclacy as far as I’m aware, you can download the Title Register of a property for £3, which unfortunately doesn’t contain the lease. Thank you for offering to help.

    Lawcruncher that would be the ideal scenario. I personally believe that if buyers became more aware and did their due diligence, estate agents would have no choice but to share all the relevant documentation from day 1.
    The e professional service does enable me to download a lease - I do it many times each month !

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  • jp13abk
    replied
    After pestering the estate agent, asking people that live in the same block of flats and doing a few online searches, I managed to get answers for most of the questions.

    I decided to place an offer subject to contract and, despite it hasn’t been accepted yet, the lease got sent shortly after the offer had been placed.

    Time to do some detailed reading.

    Leave a comment:


  • jp13abk
    replied
    opteron thank you for the advice, it’s very helpful. I will search for solicitors that operate on a no-completion-no-fee basis.

    eagle2 thanks for your reply.

    sgclacy as far as I’m aware, you can download the Title Register of a property for £3, which unfortunately doesn’t contain the lease. Thank you for offering to help.

    Lawcruncher that would be the ideal scenario. I personally believe that if buyers became more aware and did their due diligence, estate agents would have no choice but to share all the relevant documentation from day 1.

    Leave a comment:


  • eagle2
    replied
    Originally posted by Lawcruncher View Post
    In the days when we had home information packs a copy of the lease would have had to be available to produce to a potential buyer.
    I think that they included the searches as well didn't they but the Government decided in its wisdom that they were "expensive and unnecessary", they "increased the cost and hassle of selling homes" and they were "stifling the housing market" so it decided to "bring down the cost of selling a home and remove unnecessary legislation"

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  • Lawcruncher
    replied
    In the days when we had home information packs a copy of the lease would have had to be available to produce to a potential buyer.

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  • sgclacy
    replied
    The lease can be downloaded from the land registry e professional website at a cost of £3 per lease

    if you want send me a pm and I will do it for you

    Leave a comment:


  • eagle2
    replied
    Originally posted by jp13abk View Post
    eagle2 I will try that. As far as I know, an offer needs to be accepted in order to proceed to the conveyancing work? Do you know if this is correct?
    Usually, the vendor will need to agree to sell subject to contract before the solicitor releases the various documents. Either party is still able to withdraw from the sale or negotiate a different price prior to contracts being exchanged,

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  • opteron
    replied
    The estate agent should always have the basic information: years remaining on the lease, ground rent, service charge. However it is quite common that they do not have the lease document itself.

    Nowadays, many conveyancing solicitors operate on a no-completion-no-fee basis. You can use a solicitor of this kind, just in case you need to pull out. You are free to change your mind before exchanging contracts.

    Assuming the terms on the lease are reasonable, you negotiate a price with the seller and get your offer accepted. Then the solicitors begin to do their work.

    Don't order any searches as these fees are usually non-refundable, just instruct your solicitor to ask for the lease, review the lease and also forward the lease to you.

    If your solicitor or yourself found any terms on the lease unacceptable, you can either ask the seller to arrange a deed of variation with the freeholder, or you just pull out. You will not incur any charges as the solicitor operates on a no-completion-no-fee basis.

    When I was looking to buy my first property, I actually pulled out once. It's not because of the terms on the lease, but because a much more attractive property appears on the market while the conveyancing process goes on. Apparently my solicitor wasn't massively impressed, but that's the reality they have to deal with and they are prepared for that.

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  • jp13abk
    replied
    scot22 I couldn’t agree more with you. The more I learn, the more I realise how many people buy in absolute ignorance. The problem is that these people tend to snap the properties off the market before you can do appropriate due diligence.

    Gordon999 thanks for the suggestion. I will ring the estate agent and tell them I will make a complaint to the CMA unless they decide to share the lease. Hopefully they’ll change their mind.

    Leave a comment:


  • Gordon999
    replied
    Originally posted by jp13abk View Post
    Thank you both for your answers.

    Gordon999 I already have, unfortunately this makes no difference. They claim the lease will only be sent to a solicitor.

    eagle2 I have learnt this the hard way. On previous occasions, my approach has been to ask the aforementioned questions to the estate agent for them to take away, investigate and provide an answer. Since their response time is far from swift, what happens is that someone else ends up placing an offer and the property is removed from the market.

    As you've mentioned, I guess I'll have to make an offer subject to contract and if the conditions aren't right, assume that whatever money has been spent on a solicitor will be lost.
    Make a written complaint to CMA ( Competition and Markets Authority ) about this particular estate agent not willing to disclose the details of the lease to prospective buyers which leads to overvaluation of the property before making an offer.

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  • scot22
    replied
    You are right to be diligent about the lease. Too many people buy without knowing what their obligations will be. Very clever idea of eagle. Don't see any problems with it.

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  • jp13abk
    replied
    eagle2 I will try that. As far as I know, an offer needs to be accepted in order to proceed to the conveyancing work? Do you know if this is correct?

    Neelix that is the only piece of information they are (usually) able to provide on the spot. However, the other questions are key for me to decide if I want to purchase or not.

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  • Neelix
    replied
    If the estate agent doesn't know how long the lease has to run how did they value the property?

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  • eagle2
    replied
    You can also say that you will be completing the conveyancing work yourself, so all the documents should be sent directly to you. You may then change your mind and appoint a solicitor if you decide to proceed.

    Leave a comment:


  • jp13abk
    replied
    Thank you both for your answers.

    Gordon999 I already have, unfortunately this makes no difference. They claim the lease will only be sent to a solicitor.

    eagle2 I have learnt this the hard way. On previous occasions, my approach has been to ask the aforementioned questions to the estate agent for them to take away, investigate and provide an answer. Since their response time is far from swift, what happens is that someone else ends up placing an offer and the property is removed from the market.

    As you've mentioned, I guess I'll have to make an offer subject to contract and if the conditions aren't right, assume that whatever money has been spent on a solicitor will be lost.

    Leave a comment:

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