Help ... Has anyone had this experience

[LastTripToTulsa]

We were at the point of exchanging contracts for our house move .our buyers have now demanded that we buy the freehold before they go ahead with the sale. They have agreed to pay however I am concerned about the length of time this will take . Will this mean we loose our home we have offered on and already spent quite a lot on surveys ect???

[TheLesserSpottedBee]

Bumping for you.

[JonathanRolande]

Not sure, are you selling a leasehold flat?

[bilbodog]

Speak to your solicitor and ask how long it is likely to take - it could upset the chain. Your buyers must have known the property is leasehold? If buying the freehold us going to make the chain fall apart you need to let them know thus. I hope you manage to sort it out.

[GETTINGLIKEMYMOTHER]

Are you in contact with the freeholder, and on good terms? A freeholder can't refuse to sell but you may not agree on the price - there is a formula for working out freehold value if you google it.

We bought the freehold of a flat, but it was a very lengthy process because the supposedly absentee freeholder popped up at the last minute and made difficulties.
I would contact a) your freeholder, and b) a solicitor familiar with these things, but be aware they are not all familiar! We wasted a lot of time with a useless one.
Having said that, if your buyers want the FH I don't see why they can't buy it after the sale. Could you put them or their sols. in touch with the f/holder so tht they can agree a price?
If buyer and freeholder can't agree a price, it goes to a tribunal, where they will stipulate how much is to be paid.

[LastTripToTulsa]

Thanks for the help it's a house but the company who own the freehold are asking 18 thousand for it😯 it's only worth about 4 thousand. The solicitor is off for a week so we were trying to sort it out 😬

[LastTripToTulsa]

The buyers can't buy it as they are buying to let it out... You have to actually live in a property for 2 years before you can purchase a freehold