i am purchasing a flat which is with under-lease, is the risky to reseal it?

it seems that my landlord is a lessee, he is not the freeholder. i am the lessor from headlease which he holds. it is very confusing for me. never heard about this before. also there is an other flat in this house has not registered in land registry, which has been sold, even my solicitor has not idea about who owns that flat. it is time to exchange the contract, what shold i do?

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3 Responses to “i am purchasing a flat which is with under-lease, is the risky to reseal it?”

Heather Says:
July 17th, 2009 at 3:45 pm
how long is left on the lease?.

leases, when they are first taken out last 99yrs normally, so it’s important to know how long is left as it can be costly to get this extended. plus if it’s below 50yrs morgage lenders will no give approve morgages and so may leave most potential buyers unable to afford the perchase.

i personally would not buy a flat without full knowledge of who owns what as they may always be a dispute in the future. this fact too could also put off any buyers when you come to sell up and move on.
Truth B Says:
July 18th, 2009 at 8:57 pm
Right. Delay the agreement. Revisit the land registry. In the US we do a title search for the property owner. I can look on line through my local county assessors office. The landlord should let you read his lease with the freeholder because you would be owning this lease. Track back the leases. Does your country have squatters rights? You don’t mention advice given from the solicitor.
old.holly265 Says:
July 22nd, 2009 at 3:50 am
The situation that you describe is actually far more common than you imagine. Your solicitor may, because of this, be assuming that you fully understand the position. You need to go back there to get a fuller explanation of exactly what you are taking on - this is what your solicitor is being paid to do.