You're not the first to suggest he's chancing his arm! I don't know for sure if he is the leaseholder, the only obvious connection is that his surname is the same as the builder but that could be coincidence. I will check out the LR site again - properly! Thanks
The above is incorrect. A long lease is considered to be as good as a freehold. No solicitor would advise a client not to proceed with a purchase simply because it is a leasehold not a freehold. It is a perfectly good titlePersonally I wouldnt feel comfortable with leasehold. Many of these leases are old with atypical terms and conditions. I would also think twice about not abiding by the lease - may have consequences down the road - what exactly does the lease say in the event of rent not being paid? What if some opportunist buys the leasehold with a view to exploiting some of its terms to either get rights associated with the land and/or extract money from leasees for various reasons that may be buried in the small print (which is a possibility given that the owner is dead - leases could end up being sold on open market). I also think it will affect the re-sale value of your property as many buyers wont touch a leasehold house and will insist that you buy the freehold before any sale is completed.
A long lease is considered to be as good as a freehold.
Thanks for all the input guys. I know I should probably know this - but how do I find out how many years are left on the lease? Would this be mentioned somewhere in my documentation? The Land Registry document states that it the term is 999 years from 1971 - is this possible?
This is absolutely possible and very common and why , for the most part,a long leasehold is considered as good as a freehold.You have more than 960 years left to run on your lease. Even if it only going to cost €500 to buy out the freehold why bother when you dont need it? Have a nice long weekend somewhere instead
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