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Feel like we’re neither here nor there

2 replies

Creativebee · 26/11/2023 20:20

Good evening all, I hope someone can shed some light on a situation we are in. We are buying a property (house) which is leasehold, there is land to the side of the property that is also leasehold (2 separate title deeds, 1 for the property and 1 for the land attached to the side of the property) The current owner (who has now passed away and executors for the estate are dealing with the sale but for simplicity I am using current owner) purchased the property in 1978 and paid ground rent, they then purchased the land on the side in 1993 but ground rent was never charged nor paid. Chime properties who own the freehold do not know why ground rent was never charged and are now looking in to it but response is slow. Our solicitor has said that when landowners have such large portfolios sometimes leases can slip through the net. The current owners solicitor has suggested holding a retention from the sale proceeds so when Chime Properties come back with a figure that is owed it can be paid, our solicitor has advised against this as in their experience chime can be quite difficult. We were hoping to have completed the purchase by now and this is holding us up, our mortgage offer will expire in February and it’s really worrying us. Has anyone got any advice or been in a similar situation? I’m feeling so down about this as we were hoping to be in for Christmas but there seems to be no sign of completion. We’ve spent so much on surveys and solicitors that it’s too late to back out and to be honest we really don’t want to but where do you draw the line?

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tryinghardnottocry · 27/11/2023 15:08

Why not complete on the house and exchange on a conditional contract for the land to the side, which completes once the issue of ground rent is resolved - You have certainty it will be yours because you exchange contract for the land and the vendor has the incentive to sort it out to get monies for the land

Creativebee · 27/11/2023 16:55

I’m just worried that our mortgage offer will expire with the time it’s taking. I’m going to ask if mortgage lender would extend offer if it comes to it.

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