FTB share of freehold flat worried about lease extension

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    FTB share of freehold flat worried about lease extension

    hello,

    i have had an offer accepted on a 50% share of freehold flat the lease remains at 101 years currently, however i am worried about if say i want to sell in 25 or so years i will need an extension on the lease and so will need the other freeholders permission although i am worried if they do not want to extend the lease if they are difficult or if they are repossesd and disappear etc!
    what would you advise i ask the estate agent and my solicitor regarding this? should i ask for the sellers to extend before completion as 101 years is a reasonable lease will this be quite rude on my part?


    many thanks

    #2
    I would suggest that as a condition of purchasing the lease is extended to 999 years at a peppercorn rent, and that you will meet the legal costs of so doing, ie yours and the current freeholders.

    The other leaseholders might opt to do likewise at the same time.

    Unless the freehold is held by a company, you are not a 50% owner you are a joint owner , a single legal entity.
    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


      #3
      great thank you very much, do i have to tell the estate agent this or just my solicitor?

      Comment


        #4
        does anyone know if i have to tell my estate agents this? as he will be calling shortly i realise i should of asked about this before i got my offer accepted

        Comment


          #5
          Tell your solicitor and then tell your estate agent, but do it in person. It is always funny to see someone get completely confused, then start bullshitting. At which point you bring the hammer down and tell them that they clearly do not understand, it does not affect the offer or your willingness too proceed and to let the solicitors deal with it.
          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


            #6
            thanks for the swift reply, will call solicitor first unfortunately i cant see the EA in person so will have to be over the phone and im not looking forward to explaining it as he sounded like he didnt know too much about share of freehold properties, could i just let my solicitor deal with it or do i have to tell the EA?

            Comment


              #7
              both the EA and solicitor are busy so havent spoken to anyone yet was just wondering how long it would take to get a lease extension on the property if the other freeholder agrees? also am i not asking too much if i offer to pay for the current owners to extend it? as it is 101 years now which is quite good i hope they dont think i am being cheeky. i really want this sale to go through

              Comment


                #8
                just spoke to estate agents they tried to convince me that a lease of 100 years was enough for me to live in and sell in the future however for piece of mind i would like the 999 year lease as the other freeholder could be a nightmare. they told me to let my solicitor deal with it is that ok?

                Comment


                  #9
                  Originally posted by lalamock View Post
                  just spoke to estate agents they tried to convince me that a lease of 100 years was enough for me to live in and sell in the future however for piece of mind i would like the 999 year lease as the other freeholder could be a nightmare. they told me to let my solicitor deal with it is that ok?
                  Well that was the idea to get them out of the way. its a standard and unknowing response from them but it serves your purpose.

                  Your proceedings subject no doubt to contract and survey is only affected in that while 100 years is more than adequate, you are aware that the cost of extending gets more as the years go by, that is not the only thing you are buying- you are becoming joint owner of a freehold with a complete stranger.

                  One of the biggest source of disputes is a lease extension and you are simply seeking a simple extension to 999 years which is easily achieved.

                  The vendors solicitors ( a different partner) acts on the lease extension for the joint freeholders and you meet all their costs.

                  It doesnt affect the overall sale.
                  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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