I cannot grant myself a lease extension?
I have just learned that my flat is 67 years lease remaining the same as the other flat which is asking me for a lease extension as I am the freeholder. Now come remortgage and I have been informed to extend the lease. I am the freeholder, but in the land registry it is 67 years lease.
I have received an email to the solicitor and it says down below.
Upon reviewing the file, we note that the freehold interest and the leasehold interest are in exactly the same names. The issue is that you cannot grant yourself a lease extension. Therefore, the freehold or the leasehold would need to be transferred into a different name before the lease extension can proceed.
However, if you were looking to transfer the freehold, the provisions of the Landlord and Tenant Act 1987 may apply to you and if so, you would need to comply with the said before transferring the freehold. We do not deal with such matters therefore you would need to appoint a solicitor who deals with transfers of freeholds for landlords before you proceed any further with the lease extension/ remortgage.
My question is how did the solicitor conveyancer did not register the property in the land registry as freehold when I bought this property?
What shall I do if I can not grant an extension to my lease?
Jimmy
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Member Since December 2013 - Comments: 8
9:16 AM, 12th June 2016, About 10 years ago
Reply to the comment left by “Puzzler ” at “12/06/2016 – 08:09“:
Thank you for the comments. The title is in joint names between my wife and me.
Maybe they can trace the seller if he is still alive and that was back 2002 and maybe he can
help to rectify this up. The last resort is to assign to my daughter but what happens
to the bank I am remortgaging with.
Member Since December 2013 - Comments: 8
10:10 PM, 13th June 2016, About 10 years ago
Reply to the comment left by “Puzzler ” at “12/06/2016 – 08:09“:
Thank you for the comment. I gave it to my broker to find another solicitor.
Member Since October 2014 - Comments: 423
1:41 PM, 15th June 2016, About 10 years ago
Reply to the comment left by “Jimmy Ragadi” at “13/06/2016 – 22:10“:
What exactly is on the land registry about the properties?
Member Since May 2016 - Comments: 116
5:59 PM, 24th June 2016, About 10 years ago
Maybe it most cost effective to invite the other leaseholder to become a part owner in the freehold?
£50 ground rent is hardly worth the effort of taking care of the maintenance and you have to share the cost anyway.
The tax payable on the transfer will be very minimal (if any) and then the lease extension (up to 999 years) can be done for the cost of a solicitor (£500?).
Member Since August 2016 - Comments: 9
11:54 AM, 24th August 2016, About 10 years ago
There is no worthwhile alternative other than to instruct a solicitor fully competent in leasehold law and experienced in leasehold reform as well as conveyancing and mortgages.