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Defective Leasehold on a property

3 replies

KateofGhent · 16/12/2021 22:02

Has anyone had a problem with a defective Lease on a property they are trying to buy? I have received correspondence from the conveyancing solicitor that "the lease is defective as there is no detailed definition of the demised premises i.e. we do not know which parts of the building belong to the leasehold owner and which belong to the freeholder. Also there are no covenants from the landlord as to the insurance/repair etc of the rest of the building of which the property forms part. There would appear to be an attempt to put it right by means of a purchase of the freehold, but er won't know if this will work effectively until the transfer has been registered and can be checked."
Apparently, the seller applied to buy the freehold of this property in September of this year, so I could face an indefinite wait for the transfer of the freehold, and will have a knock on effect with costs as well as time. Has anyone else encountered this, if so was it resolved, or did you pull out of the sale? Thankyou in advance.

OP posts:
MinnieMountain · 17/12/2021 07:02

Pull out. Registrations take ages at the moment, let alone whether or not the seller’s application to buy the freehold will be successful.

NewHouseNewMe · 17/12/2021 08:08

If you have any sort of deadline, pull out. Also consider what owning the freehold will do to the property value because it usually has a premium. Could the owner pull out when it’s sorted?
Unless it’s truly unique and worth waiting for, I would pull out.

KateofGhent · 17/12/2021 22:26

@MinnieMountain
@NewHouseNewMe
Thankyou both, yes applications to the Land Registry are taking forever, they are blaming Covid. It's a lovely flat, and affordable, but I have set my own deadline for mid Feb, if it's not sorted I will pull out and pay conveyancing solicitor off. Thanks again.

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