My Leaseholder wants to sell his flat after 2 years of ownership?

by Readers Question

2 weeks ago

My Leaseholder wants to sell his flat after 2 years of ownership?

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My Leaseholder wants to sell his flat after 2 years of ownership?

Two years ago I sold a 125 year Lease on the Garden Flat of my own house.

However, the Leaseholder now wants to sell it and I have a few questions:

1. As the Freeholder, will this cost me anything because it was very expensive having the original Lease drawn up?

2. Is it advisable to get my Solicitor to arrange this?

3. What will I personally need to do?

4. Can any small amendments be made to the Lease at this change?

5. Is it an opportunity to make a few changes?

6. Any advice would be very much appreciated.

Thank you.

Elisabeth

Comments

Neil Patterson

2 weeks ago

Hi Elisabeth,

The purchaser is the legal owner to the leasehold title and thus will sell directly to a purchaser through their solicitor, but they may have questions of the Freeholder.

I have linked the section about this from the Leasehold Advisory service here >> https://www.lease-advice.org/advice/find-the-right-information-for-you/?step-option=61

Recardo Knights

2 weeks ago

As i understand it the person buying the flat with a lease for 125 years can now sell and the lease (with the terms and conditions & any annual ground rent due)) will now be pasted on to the new buyer with a lease of 123 years.
There mortgage company will need to know who the freeholder is. No cost to yourself.

dp1 Django

2 weeks ago

Your Leaseholder can sell his Lease to whomever s/he wants for whatever price s/he wants but the terms of the Lease stay the same for the new leaseholder. You don't have to do anything and you as Freeholder are not able to alter the Lease except by mutual consent between you and the Leaseholder.
The buyer's solicitor might get in touch with you to clarify some points or to ask for something to be changed to comply with conditions of their mortgage. You do not have to change anything or you could get your solicitor or a Lease expert to charge for a Deed of variation on the Lease.

Just my opinion, not to be taken as legal advice.

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