I suspect this comes from the mortgage provider and is box-ticking.
We bought the freehold out on the flat some time ago. There are three flats in the property, we went through a process called "collective enfranchisement" and now the freehold is owned by a company we set up, each owner is a director of the company and owns their share of the freehold via the company.
I have just found out that the original lease still stands (I didn't realise this), and we are just a few months short of the 75 years the mortgage company (I assume it's them) finds acceptable.
However I think it's unfair that they're treating the property as if it's a standard leasehold property. If it was leasehold, it would cost thousands to extend the lease, and you'd have to involve the management company. In our case, it costs only solicitors fees, and you don't have to involve any external organisations.
Should they be demanding this from us?
It's come late into the sale and it a total surprise, the solicitors fees for it are the best part of £500 which I simply do not have. (This is a very difficult time for us financially. Just staying afloat is a struggle at the moment)
I don't know what to do.
If anyone else has any advice or has experienced similar I'd be very keen to hear from you :)
(I have also posted this in property and was advices to post here also)
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Buyers want us to extend lease on freehold property. Is this really necessary?!
2 replies
aufaniae · 05/10/2012 14:30
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