Contracts for house purchase state..held under lease..implications?

Dublin32

Registered User
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Hi all,

Went sale agreed on house early December. Got copy of contract from solicitor other day..due to close end of February.

One item that concerns me is it states...held under lease dated xxxxx 1963.... For a term of 999 years from xxxxx 1962 at a yearly rent of xxxx.

I had always assumed the property I was purchasing was freehold. To my limited knowledge I though only commercial property could be leasehold. I will ask my solicitor but wanted to get peoples opinions on buying a leashold in what will be my family home.

Questions like why was it never converted to freehold , can it be done as condition of sale or sometime in future, is original lessor from 1962 still in business.. Is ground rent mentioned in £ and shillings ever been paid or being paid. These are questions for my solicitor but want people's opinions on any concerns I should have in buying a leasehold even though it is a long leasehold.

Many thanks.
 
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