Absent lessee

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    Absent lessee

    Hi,
    I want to buy a top floor flat in a house converted to two flats. The bank has repossessed the flat and are now selling it. There is about 70 years left of the lease. Clearly I would want to increase or buy the freehold from the landlord. The person downstairs says they cannot afford to buy a share of the freehold at this time.


    questions:

    1. would banks lend knowing there is a short lease and absent lessee
    2. whats the best way to increase the current lease
    3. whats the best way of buying the freehold, should i buy this on my own

    i haven't seen the current lease, so dont know if the loft or front garden etc is included.

    thanks for your help

    Mo

    #2
    1. would banks lend knowing there is a short lease and absent lessee
    That depends on the lender and the lessee is not absent the lender is either in possession or have the power of sale.

    2. whats the best way to increase the current lease
    The lender will not apply for an extension so it's a matter of applying after 2 years of ownership or negotiating with the landlord

    3. what's the best way of buying the freehold, should I buy this on my own
    if the other person does not want to, then as in 2 you have to negotiate with the landlord.
    i haven't seen the current lease, so dont know if the loft or front garden etc is included.

    thanks for your help

    Mo[/QUOTE]
    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.

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