16:12 PM, 16th March 2022, About 2 months ago 12
Hi, my partner and I are trying to buy a whole house that has a self-contained basement flat included. We have found out this basement flat has a mortgage on it in the name of the seller’s business. (No tenants)
The lease on the house above is owned by him and his wife, and the Freehold is also in the name of his business. So all within the ‘same’ family so to speak.
Our solicitor says don’t buy it, step away! But surely there’s a way to do this.
We would like to port the mortgage deal we have, but it is possible that we could be cash buyers if the mortgage lenders won’t port our current deal for any reason.
Can we buy it all and then merge the leases to make a single whole freehold?
Do we need to set up a Ltd company and use that to ‘own’ the freehold while we have both leases in our joint names?
Not sure why our solicitor is saying they can’t proceed. They are worried the land registry may not merge after we buy.
Any advice would be appreciated 🙂
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