Professor Property Advice
I am currently in the process of purchasing a lease hold maisonette with a 900 year lease; however my solicitor has advised me not to buy the property and refused to work on the sale. This is because:
1. Part of the property is owned by the freehold (I am unaware of which part)
2. The leasehold is register as a good leasehold rather than a title absolute (because of last).
The agent has advised me that a good lease hold isn’t a problem as long as I have indemnity insurance for the defective part.
The Seller what to sell the property ASAP, as it is empty and was previously rented, so gaining no income from it.
My Questions are:
Is this a common problem?
What is the worst case scenario?
Should I pull out of the sale?
Can I ask the freeholder to change the lease to the correct one? If so do you have any idea of how much this could cost?
Indemnity insurance is not a cure all. It also has premiums which have to be paid. It’s also what Estate Agents (would be lawyers) refer to sometimes (often out of context) in order to smooth over a potential problem.
Not always appropriate.
Go to a different solicitor if you won’t listen to the first. Most importantly do not proceed without proper legal advice
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