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Homebuying, leasehold advice please

Ross_cafcRoss_cafc
edited January 2014 in Not Sports Related
Given that we're not inundated with views on our new multi million pound strike force, I thought I'd ask you fellow lifers for some advice please.

We're in the process of buying a flat, the estate agents are saying it has a 90 year lease remaining but having paid to do a search on the land registry office, it says 999 years from 10 years ago. We've got solicitors looking into it but they haven't given us a definitive answer yet.

Anyone had a similar experience/know of an example where the land reg have been wrong/know of a reason why there might be a discrepancy?

Comments

  • LenGloverLenGlover
    Ross_cafc said:

    Given that we're not inundated with views on our new multi million pound strike force, I thought I'd ask you fellow lifers for some advice please.

    We're in the process of buying a flat, the estate agents are saying it has a 90 year lease remaining but having paid to do a search on the land registry office, it says 999 years from 10 years ago. We've got solicitors looking into it but they haven't given us a definitive answer yet.

    Anyone had a similar experience/know of an example where the land reg have been wrong/know of a reason why there might be a discrepancy?

    I'm not a lawyer but owned a flat once and thus learned a little about leases and flats along the way.

    Flat leases are very often 99 years when set up which would (more or less) tie in with 90 years remaining if the land registry are saying 10 years have passed.

    Estate Agents emphasise that their details are not guaranteed to be correct and that you should carry out your own checks. I suspect the agent asked the vendor how long was left on the lease and (s) he said it was new when we moved in about 10 years ago. The agent, not entirely unreasonably, has therefore assumed 10 years off a 99 year lease rounded up to make it look better!

    Land Registry are more likely to be correct than the estate agent although I obviously cannot state that with categoric certainty!

    (You can tell Henry has been on my case recently:-) )
  • Ross_cafcRoss_cafc
    Thanks Len, that's what we're hoping that the land reg should have a better record than the estate agent who may have put 2 and 2 together and come up with 5! Don't want to get too attached to the place if there might be an issue with the lease.
  • Clem_SnideClem_Snide
    These people are your best bet.

    http://www.lease-advice.org/
  • LenGloverLenGlover
    Ross_cafc said:

    Thanks Len, that's what we're hoping that the land reg should have a better record than the estate agent who may have put 2 and 2 together and come up with 5! Don't want to get too attached to the place if there might be an issue with the lease.

    90 years is a reasonable unexpired time anyway depending on how long you'd be planning on keeping it but you are absolutely right to clarify matters before progressing too far.
  • Ross_cafcRoss_cafc
    Clem_Snide said:

    These people are your best bet.

    http://www.lease-advice.org/

    Thanks Clem
  • Ross_cafcRoss_cafc
    LenGlover said:

    Ross_cafc said:

    Thanks Len, that's what we're hoping that the land reg should have a better record than the estate agent who may have put 2 and 2 together and come up with 5! Don't want to get too attached to the place if there might be an issue with the lease.

    90 years is a reasonable unexpired time anyway depending on how long you'd be planning on keeping it but you are absolutely right to clarify matters before progressing too far.
    My understanding is that under 80 years becomes expensive to renew so 90 should be ok - just don't want to be stuck with a difficult freeholder who wants to charge a fortune to renew in a couple of years time!
  • L BlockL Block
    i bought a leasehold flat a couple of years ago. wish I didn't now to be honest.

    I have 72 years left on the lease and I am dealing with - possible - absentee freeholders (ive been trying to get hold of them for the last two years, however I feel they have either passed away/not living at last known address)

    I had a survey done last month and the amount I have to pay is not as much as I first feared. the pain is trying to find a competent solicitor to take on the case. I just want it over and done with
  • Athletico CharltonAthletico Charlton
    Should say clearly in the leasehold title that your solicitors have i would have thought. Your mortgage company will certainly want to know as would the valuer. Nice result for you if it turns out to be 999 and a virtual freehold.
  • harveys_gardenerharveys_gardener
    L Block. How many flats in block? Get more than 50% to agree and you can buy the (block) freehold. Not everyone will have cash but there will be a way. eg mortgage offset by ground rent saved. Google. There are solicitors that specialise. Clem's link is v helpful. Cost shouldn't be more than 20x ground rent.
  • Ross_cafcRoss_cafc
    Athletico Charlton said:

    Should say clearly in the leasehold title that your solicitors have i would have thought. Your mortgage company will certainly want to know as would the valuer. Nice result for you if it turns out to be 999 and a virtual freehold.

    Hopefully the solicitors will clear it up soon, I'm just getting impatient! I've checked some other flats in the block as well and they all say 999 so fingers crossed - would be a right result!
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  • Ross_cafcRoss_cafc
    Thanks for the advice all, solicitor just confirmed its 999 so hopefully we're good to go!
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