Buying freehold, skipping contracts.....

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  • leaseholdanswers
    replied
    Don't simply take low value as an assurance that it's ok.

    You should be more concerned about the rights and obligations and if that needs clarification or action a contract may be needed.

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  • G255
    replied
    Originally posted by bandontherun
    In the case of many comparative low value conveyances there tends not to be a contract
    Excellent, thanks everyone. When the solicitor didn't say why a contract was not needed I started to wonder/worry if we would be in a worse position without one.

    I guess we now discuss and agree timescales and pay as per agreement. The solicitor has sent a bill for services so far but I guess she will still do the title transferral and charge more... I'll ask her for mor details and a breakdown of costs.

    Only 2 out of the 3 flats are buying the freehold so it's not going to be a complicated matter of chasing loads of people for money. I do intend to remortgage to fund it though and this will take some time. The freehold is £9400 + £800 costs so far.

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  • leaseholdanswers
    replied
    There is no need for a contract, as long as you have investigated title and the leases, as well as local searches,and they have dealt with pre contract enquiries.

    You will need of course some documentation to apportion rents and service charges and the transfer of monies and records to date.

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  • G255
    replied
    Thanks for your reply, I have read everything I can possibly get my hands on but found nothing about buying the freehold without forming the contract. I guess I'll ask the solicitor why she's ok with not following the procedure (started with a notice 5a).

    Can anyone tell me if they've heard of this before or where I could look if I (god forbid) don't trust the solicitor. Last thing I want is to have to come back later and sue somebody for not doing their job properly...I'd rather find out now.

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  • Gordon999
    replied
    The procedure for collective freehold enfranchisement can be obtained by downloading a free guide from www.lease-advice.org .

    You should have a experienced conveyancing solicitor on your side to advise and check the freehold title is OK and not had any conditions added without your being aware.

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  • G255
    started a topic Buying freehold, skipping contracts.....

    Buying freehold, skipping contracts.....

    Wondering if there's some good legal minds out there who also know plus's minus's of skipping the contract phase of buying the freehold?
    The solicitors appear to want to proceed with transfer of freehold without issuing a contract, it seems to be acceptable but I don't know the full ins and outs....
    I presume with a contract it'd cost more? For who...me ( and the other leaseholders) or the landlord solicitors or would I have to pay them anyway?
    Without a contract, the timescales would be shorter, but that is not in my interest.. I need time to get the money together and I thought I had another 2 months ( from receiving the contract).
    We've been through all the notice serving, we have a nominated company and we were ( I thought) now waiting for the contract...

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