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Random question - anyone on here with knowledge or experience of buying a leasehold property?
Posted by deep blue
on November 13, 2019, 12:53 pm
had a report back saying that the house I'm looking at buying is registered with "Good Title", meaning that there was no evidence of who owned the freehold title. The lease is for 999 years, started in 1933, and a nominal ground rent is payable.
Just a bit concerned about future marketability, there are clauses like "You may not alter or extend the property without consent of the landlord" - since the landlord is (a) unknown and (b) almost certainly dead, it would seem to be pretty difficult to obtain consent for anything. On the flipside, it's unlikely they are going to be around to complain about anything.
The current owner has breached this clause by having the kitchen extended and has had to take out indemnity insurance to cover it.
Sounds like a technicality more than anything, and am really keen on the house, but are there any grounds for concern? I know leaseholds are common for flats but not so much for houses.
Going to seek advice elsewhere but this place is usually good on a whole range of issues so thought I'd ask!
Thanks in advance for any advice.
- thanks guys for the below. Will speak to solicitors, good to have neutral opinions first though! nt - deep blue November 13, 2019, 7:13 pm
- my house is leasehold, and we bought just over a year ago... - blades November 13, 2019, 4:05 pm
- As below, nothing to worry about. You are the effective freeholder - NYCblue November 13, 2019, 3:33 pm
- Re: Random question - anyone on here with knowledge or experience of buying a leasehold property? - NickK66 November 13, 2019, 3:24 pm