Would you take a punt on this?

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    Would you take a punt on this?

    OK so we are looking for a small house or flat to let. We have found a flat for sale in a block that has some slight complications.

    From what I can gather the management company went bust some time ago and for reasons as yet unknown there is no management company in place. This has been the situation for a number of years according to a resident I have spoken to today.

    Because there is no management co you cant get a mortgage so they are been advertised at about -25% of what you would expect.

    Resident I spoke to said the lack of management co had not caused them any issues to date, the place was refurbished in 2007 and is in good order.

    EA is sketchy on the lease details. I can get these from the land registry yes?

    Any reason not to take a punt? Obviously if we take things much further we will be appointing a solicitor to go through things in more detail.

    Thanks.

    #2
    The problems are probably surmountable - how did the property get refurbished in 2007? Is there a seperate landlord and did they do it?

    Comment


      #3
      Often residents can group together and deal with these issues.

      The problems come when it goes wrong, it lacks the statutory protection of money, no authority to recover a defaulters contribution, when there is a breach of the lease, no one to enforce it, and finally, they can walk away from any problems that they create or choose to avoid.

      It's 5 years on, peoples funds and outlook are very different now, and unlikely to improve, when it comes to major expenses.

      It is cheap for a reason; I would take a punt if there was a substantial chance of introducing RTM or Appointing an Manager via the LVT.
      Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.

      Comment


        #4
        Thanks for the replies. I've been to see it this morning and the EA says there is no lease that they know of. Now correct me if I'm wrong but if a lease turns up and its only got 1 year on it I'd be up the creak? Can you get the lease through the land registry?

        At the moment I'm thinking its too complicated for me to get involved with at my level of experience. That said if the issues were still relatively easy to deal with the price are just about enough to entice an offer. Just need to find some money!

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          #5
          Also the EA was saying that the lack of lease was down to no managment co. Is this the usual case of EA's not knowing what they are talking about? The lease is a matter between the freeholder and lessee surely? (all be it the management co can enforce the terms of the lease?)

          Comment


            #6
            This is the reason that Mrs LHA deals with any estate agents as I would have, in response to such as answer, punched the estate agent and forced him or her back to sell double glazing. I did my time behind "that desk" while training - its just a stupid lazy b*ll*cks answer.

            I feel better now; Go to HMLR and search the property which will give you the terms of the lease. What they might be fumbling over is that the ManCo having ceased to exist have led to the freehold reverting to the Crown (Treasury Solcitor BV). The title will help with that also.
            Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.

            Comment


              #7
              Yes I find them frustrating. Even as a total newb to leasehold I thought I knew the basic setup!

              Anyway I searched the land registry and there is a freehold and leasehold listing for each flat in the property plus a freehold log for the whole property. Do I just need the deed from the leasehold entry for the flat in question? Should that tell me the length of the lease remaining somewhere in there?

              Comment


                #8
                The leasehold entry will tell you the term, and you can obtain a copy of the lease from them. I would check the owner of the freehold as well, in case the freehold has reverted.
                Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.

                Comment

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