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).
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
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Time between exchange and completion?
Member Since February 2011 - Comments: 3453 - Articles: 286
2:01 PM, 11th May 2016, About 10 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.
Member Since May 2016 - Comments: 1
3:09 PM, 11th May 2016, About 10 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.
Member Since July 2013 - Comments: 1264 - Articles: 1
12:57 PM, 29th November 2020, About 5 years ago
Did you ever get this resolved? If so, how?
Member Since October 2020 - Comments: 1147
2:08 PM, 29th November 2020, About 5 years ago
I dont know if this is relevant, but when I had a lease extended, they didn’t issue a new lease but some kind of addendum.