Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
The story so far…..Bought a 1st floor maisonette for cash. It had a defective lease hence got it for a good price. Lease has around 900 years to run on it with £3 ground rent.
Freeholder owns downstairs flat and appeared to be reasonable in early discussions. I offered to pay for his legal costs and some compensation for his time and inconvenience to have the lease varied. Defects related to restrictive covenants, errors on lease numbering and missing detail on some payments.
Reduce the lease term to 99yrs, increase the ground rent to £300 per annum and give me £35k for the inconvenience!!!!.
Can he do that?
I would really like some advise as to what my options are since I do wish to mortgage the property at some point.
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