OK
Our lease was running low so with the help of a lawyer negotiated (outside the statutory legislation) to increase it to 125 years with OK groundrent with Landlord A. Agreed and have been moving money as they want it all done before christmas!
HOWEVER, just had email from our lawyers saying that our landlord A has only just realised they are not our FREEHOLDER but have a 999 (from 2001) long headlease on the majority of the flats (I knew this as the freeholder has the leases on about 4 of the flats in our blcok - Landlord A has headlease on the remaining 10 - ours included). Landord A is offering to sell us the interest of the head lease on 999 years (from 2001) with nil ground rent for £1k more than the agreed offer for the lease extension.
Sounds positive - but is it?
Don't understand.
1.The sum is plus costs - currenlty I know the costs with landlord - but would taking up the offer mean costs with the freeholder as we're at the limit of what we can afford.
- Does the freeholder have an interest in what our landlord does ie sell the head lease to us.
- What IS A HEADLEASE as opposed to the lease I have now
- Nil groundrent - but with lease now with the freeholders - can I assume that it will the same as now but with 0 ground rent and on 999 or whatever years left.
- Is this good if we sell
- None of the other flats have this - is it any advantage to have this when the other 13 don't.
Any huge pitfalls - tbh I've found it easy dealing with our landlords rather than the freeholders (as some of our neighbours havre a lease with them and they aint nice.
If I say yes (they still want this wrapped up before christmas could there be any nasty surprises?
I just really don't understand all this.
Am I right in thinking that landlord just wants to ditch their interest in the property and sell it on to me so I have to deal with the freeholders.
Oh - the adrenaline is rushing and I'm a bit fearful.