Hi all,
FTB going crazy because I'm in the process of buying a flat in London, my solicitor has raised a concern that in the lease, aspects of the building structure are the responsibility of each leaseholder, such as the concrete joists and external wall. But the building is 40+ years old which is why the lease is now considered defective. But after lots of back and forthing the Seller can't get a Deed of Variation, and the freeholder doesn't see much need to get involved as flats have been selling in the building for years and lenders haven't had issues.
My solicitor said that because it's maintained by a Right to Manage company, in practice they will deal with structural repairs as with normal flats, and there is also a block Buildings Insurance policy, and the seller is offering to pay for Indemnity Insurance. So my seller said I would be protecting, and according to seller and EA the issue isn't that bad (obv easy for them to say). Yet my solicitor makes it sound like the worst thing in the world, and it will cause me issues when it comes to sell in the future, and I'm so unsure of what to do. I think the seller will pull out soon if there's no movement as it's been draggin on with this issue.
This is causing me no end of stress and anxiety, and I don't know if anyone has any advice, or has experienced anything similar?