Freehold to new leasehold flat?

by Readers Question

10:13 AM, 6th March 2020
About 9 months ago

Freehold to new leasehold flat?

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Freehold to new leasehold flat?

I am looking to purchase a converted house that is showing on land registry as 20 and 20a. However, this is a freehold property and on completion I will be issued with a new 125 year lease, making it a leasehold. The other flat will be the same.

My problem is the lender seems to have a issue with this and is taking their time. I’m on a deadline to complete and need to try and get this sorted asap.

I have been offered to purchase the whole freehold of both flats if I what and was wondering if I should consider this option?

Any help would be much appreciated.

Many Thanks

Scott


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Comments

Paul Shears

11:44 AM, 6th March 2020
About 9 months ago

Yes.

The Forever Tenant

12:21 PM, 6th March 2020
About 9 months ago

Nothing about the article, but im just bothered by the picture showing one property having 2 hotels and the WaterWorks having houses on it.

Have they even read the rules to Monopoly?

Mike

12:34 PM, 6th March 2020
About 9 months ago

seems like it is a two story family house that may have been converted into two flats, upstairs and one on Ground floor, whether officially through planning or by previous owners, and hence why it is a free hold , I purchased a first floor flat and do not own the free hold, nor does the fellow downstairs, land is owned by a trust. I was given the option to buy the free hold, but it would not benefit me nor anyone in my family, so I said no thanks. It may have one common front door and then splits into two further doors one leads to Ground floor and one leads to First floor and may even have split power and other utilities. two council tax bills.

Freda Blogs

12:44 PM, 6th March 2020
About 9 months ago

I would get the freehold if you can.

Puzzler

14:47 PM, 6th March 2020
About 9 months ago

Who does own the freehold?

SE

21:32 PM, 10th March 2020
About 9 months ago

Thanks for the replys. The vendor owns the freehold, and I'm thinking of buying after. It's a convert semi detached house, that the 125 year lease will be issused on completion. Why would the leaders have an issue with this. The leasehold agreement has gone to the underwrite. Just waiting now. But the mortgage broker said didn't hold your breath..

SE

7:53 AM, 11th March 2020
About 9 months ago

Sorry, meant to say, why would the lenders not leaders have a problem?


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