Extending a lease when freeholder as possessory title?

by Readers Question

13:59 PM, 11th May 2016
About 3 years ago

Extending a lease when freeholder as possessory title?

Make Text Bigger
Extending a lease when freeholder as possessory title?

I own a flat with low lease 62 years on an Absolute title. However, the freehold deeds were lost and the freeholder now has a Possessory title a year ago (in 12 years they can upgrade to absolute).title

I have paid for two surveyors and legal fees and negotiated a premium to extend the lease. HOWEVER, my absolute title would have to be surrendered when upgrading to the 999 year lease offered but the new lease would only then be possessory.

My mortgage lender will not be happy with a possessory title.

Any ideas?

James



Comments

Neil Patterson

14:01 PM, 11th May 2016
About 3 years ago

Possessory title refers to the ownership of land by someone who does not also possess deeds to document his ownership of that land, specifically because those documents do not exist.

James Scollard

15:09 PM, 11th May 2016
About 3 years ago

Reply to the comment left by "Neil Patterson" at "11/05/2016 - 14:01":

That's correct. The freeholder, owns the land but does not have the deeds. So the freeholder has a Possessory title.

As leaseholder, I have my deeds and have an absolute title. The problem is when you extend a lease, the old lease is surrendered with the Land Registry. The freeholder with a Possessory title cannot grant me a lease extension with absolute title.

I need advice on whether there is a solution.


Leave Comments

Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.

Forgotten your password?

OR

BECOME A MEMBER

Will you be at the AFTER PARTY?

The Landlords Union

Become a Member, it's FREE

Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agents

Learn More