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Showing results for tags 'leases'.
Found 4 results
Good leasehold title
jitsy posted a topic in Legal AdviceHi All, Has anyone purchased a property with a 'good lease title'? The property we are in the process of purchasing is in the NE and has has a 'good lease title'. Our solicitor seems quiet wary of this and has said this may cause issues for when we are refinancing or selling the property. The vendors solicitors have refused to upgrade the title to an 'absolute lease title' before purchase, we have been advised to get a legal indemnity insurance policy in the unlikely event there is a claim on our lease. Our broker on the other hand has said it shouldn't be an issue refinancing, so we are a bit perplexed. For info, this will be a cash purchase, carry out renovation works to convert to a 6 bed HMO and then refinance. The lease itself has about 800 years left on it. Thanks
Hi there, I have an op to purchase a 2 bed 2 bath flat but it’s on a short lease, 10 years. I’d require a mortgage. Agent has mentioned that there is a note that the lease can be extended for free. Are there any lenders that could lend on on this potentially? And/or brokers who specialize in this area willing to speak to me about options. This would be a primary residence.
I bought a flat in a covered house last year. I own half the freehold and have a 999 year lease on the flat. There's a possibility of purchasing the remaining flat, also with a 999 year lease, which has the other half of the freehold. I'll need a mortgage on the new flat - but have been warned that mortgage companies don't like owners to have both the freeholds and the leases. Is the solution to: 1) Set up a limited company & put both the freeholds in there with 2 shares? Then incorporate into each lease a requirement of any subsequent flat owner to take up membership of the freehold company? 2) Alternatively, could I get a relative to be a freeholder? - or something else? Many thanks.
Head Lease - Advice anyone...
Justin Richards posted a topic in Other AdviceHi I am hoping someone can help me.......I am looking to purchase a first floor flat which is above a shop and it has 2 other flats above it, the shop itself owns the freehold from the floor to the ceiling of the shop then there is a head lease owned by a third party in place which covers the additional 3 flats above the shop starting from the first floor to the 3rd floor. Each flat then has its own lease under the head lease. In the past there have been problems trying to sell the flat due to the fact that mortgage companies don't like/understand the head lease. I am able to purchase the flat as a cash buyer and also the head lease which I believe in effect means I should have a bit more control and then be able to refinance, this is my plan anyway. If anyone can give me any help or advice on this type of thing from either a lease or a mortgage perspective I would be very grateful, regards Justin