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Thread: Your Thoughts-Lease on House

  1. #1
    Full Member Vaux-Man-G's Avatar
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    Default Your Thoughts-Lease on House

    Hi folks,

    Just following on from a convo with a mate about a house deal that fell through for me, I thought id see if anyone on here had any thoughts.

    Situation:
    In October 2007 I bought a house and paid good money for it too, some would say over the odd's but we all liked it so went for it *after it come on the market second time round)!

    Anyhow, all the deal / sale was going through until literally the 11th hour when I went through all the solicitors papers with a fine toothcomb and it revealed that the house had a lease on it from the 1930's orthereabouts.

    Anyhow, at this point I put the brakes on and conculted loads of friends and colleagues and the of course the Agent and Solicitor.

    What the agent and solicitor said is that the land was held in a trust when it was originally bought and built on and the lease is still on going. Dont sound right does it??

    Anyway, gets worse, they said to me that the land still has a 27 year lease remaining on it, BUT when I was purchaing this property, I would be buying the Freehold and the Leasehold- !!

    Well my argument was that if I am buying the freehold and a leasehold then why cant the two be merged before sale and be classed as a freehold, hence scrapping the leashold if I have bought it?

    There argument was to put it to the land registry and ask for a merger but was not guaranteed as it had 27 years remaining.

    To make matters worse, a document called the "covenance??" stated somewhere in it that "25 years from the death of the last trustee, the stake could still eb claimed"! Hold on....that means anyone could come out of the blue wihtin "xyz" years and claim a stake, hence leaving me an my family in a very f0c*'ed up situation, and they could ask for "xyz" amount for the land or by choice they could extend the lease for another 100 years!

    Anyhow, I didnt like this so I pulled out, and managed to get hold of the person who purchased it before I did, only to find out that they too clocked onto this situation and decided to oull out of the deal too for this reason and not to pursue interest for anohter personal reason too.

    Gets worse, I was told that the person before me found out that there was another person who pulled out of this property before them, for the EXACT SAME reason, but the 2nd buyer thought there was a way around it, but there wasnt!

    Anyhow, I was speaking to another agent and explianed my situation and they said to me that they had a client two weeks ago who had the same situation, when asked which property....guess what, it was the same one....so know there are 4 parties who have pulled out of this property for the lease reason.

    Can anyone explian if this is right or are they trying to scr3w people over with this property?

    I did try to start leal proceedings and got in touch with trading standards as I had lost nearly £2k on fee's and surveys, etc, but in the end trading standards said that as they hadnt written on the advert that it was leasehold and was only told verbally, they didnt do anyhting wrong, so I just cut my losses and ended all proceedings and comunictaion with Agent.

    I thought i'd rather lose the £2k than risk the future of my entire family!!!

    P.S. The property is still on the market to this date and has been up now for over a year!!!


    Bye bye Vec B
    - Hello Siggy!

  2. #2
    Regular Member Ste's Avatar
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    Default

    That's why you emply solicitors - to protect your interests and to prevent issue further down the line

    It is strange, but you made your decision to pull out, maybe the next person (or next after that) will see it differently and be OK with it.....

  3. #3
    Full Member Vaux-Man-G's Avatar
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    Quote Originally Posted by Ste View Post
    That's why you emply solicitors - to protect your interests and to prevent issue further down the line

    It is strange, but you made your decision to pull out, maybe the next person (or next after that) will see it differently and be OK with it.....
    Well, the solicitor I used was recommended to me by the Agent. I dont like the agents anyway as they are total w4nk3rs, but for the sake of the house, I had to deal with them.

    But surely....4 people pulling out for the same reason says something....I mean if it were your family and dough....would you risk it?

    Oh and forgot to mention that I did contact Land Registry and they said there were no record of this land being registered to anyone, and when you make you application to register there may well be problem...."IF" they cannot get hold of a trustee!! Sound a mess??
    Last edited by Vaux-Man-G; 20th June 2008 at 11:59. Reason: Forgot to mention:


    Bye bye Vec B
    - Hello Siggy!

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    Regular Member Ste's Avatar
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    Yes, it sounds a mess to me too.

    Some people may be willing to take the gamble though. You, and I, wouldn't though.

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    Regular Member parapaul's Avatar
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    It's a pain, but so many houses have covenants attached these days. I don't know what the point of them is, or who they're supposed to protect.

    A brand new house I bought a few years back had all sorts of clauses in the covenant - no parking on the road, no caravans, no TV ariels etc, etc. Nobody paid any attention, and I don't quite know who would enforce them....

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    Regular Member Ste's Avatar
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    Agreed, some are daft and unenforcible.

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    Regular Member m8internet's Avatar
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    I'm glad we don't have all this leasehold and freehold nonsense in Scotland!
    The only complication arises when you look at flats, tenements, and high rise buildings

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    Full Member Vaux-Man-G's Avatar
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    Quote Originally Posted by m8internet View Post
    I'm glad we don't have all this leasehold and freehold nonsense in Scotland!
    The only complication arises when you look at flats, tenements, and high rise buildings
    Thats exactly the point mate....this situ is simply a flat/apartment type thing!


    Bye bye Vec B
    - Hello Siggy!

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    Regular Member SignumPhil's Avatar
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    Quote Originally Posted by parapaul View Post
    It's a pain, but so many houses have covenants attached these days. I don't know what the point of them is, or who they're supposed to protect.

    A brand new house I bought a few years back had all sorts of clauses in the covenant - no parking on the road, no caravans, no TV ariels etc, etc. Nobody paid any attention, and I don't quite know who would enforce them....
    Covenants on new houses are normally enforceable only by the builder -it's to keep the site looking nice.

    Phil

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    Regular Member dv8's Avatar
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    Default

    mate to my recall you can have either one or the other. you can extend the lease upto 99years for the avergar house its around £5k, but you can buy the lease, as the law chnaged a few years ago. there is a formula and the lease holder wont be happy but you can force there hand. as you in the brum area, contact BBC WM, ed dolans show, he has a contact that will tell you exactly how to do it. he often pops up every other month or so. he is one who can get the property freehold.. im assuming there is a fee, but if you love the house it maybe worth it.
    worth an email to the studio.....

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