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Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 10456
Experience:  Barrister 17 years experience
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I own 2 flats, 1 on the upper floors and 1 on the ground floor.I

Customer Question

I own 2 flats, 1 on the upper floors and 1 on the ground floor.
I want to put a buy to let mortgage on the both.
The mortgage company require me to be the 999 lease holder and freeholder, is this ok with land registry.
Submitted: 1 year ago.
Category: Law
Expert:  Nicola-mod replied 1 year ago.
Hello,
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
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Customer: replied 1 year ago.
I was promised an answer within 24hr, not impressed.
I have paid £38 for a full answer, so I can wait another 48hr, until I contact my own solicitor.
thanks
James Lethaby
Expert:  Nicola-mod replied 1 year ago.
Hello,
We will continue to look for a Professional to assist you.
We offer a refund if you are not satisfied so you will never be out of pocket.
Thank you for your patience,
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Expert:  Buachaill replied 1 year ago.
1. Dear *****, I regret to say that if you want to both hold the 999 year leasehold interest and the freehold interest in the properties, then you will have to get two different parties to hold them. This is because if you attempt to hold both of them yourself, they will "merge" in one another and the land Registry will only register the highest interest - the freehold - in you. So if you attempt to register both the freehold and the 999 leasehold interest in yourself, you will be stymied in the Land Registry. So instead, you need to introduce some other interest, such as a company holder of the freehold in order that you may hold both interests. Alternatively, you could hold the freehold on joint tenancy with another person. However, you could also use a nominee for one interest as this would also solve the problem. However, you wont be able to hold both in the Land Registry, I regret to say.
Expert:  Buachaill replied 1 year ago.
2. Please RATE the answer positively as unless you RATE the Answer positively, your Expert will receive none of the monies you have paid the website so there is no incentive to answer any further questions.
Buachaill, Barrister
Category: Law
Satisfied Customers: 10456
Experience: Barrister 17 years experience
Buachaill and other Law Specialists are ready to help you
Customer: replied 1 year ago.
Good MorningAre you saying that I could have myself and my wife as Freeholder and Lease holder instead of just one person.thanksJames
Expert:  Buachaill replied 1 year ago.
3. Dear *****, having yourself and your wife as freeholder and leaseholder would be perfectly acceptable as then the interests would be held by different people and registrable in the Land Registry without difficulty.
Customer: replied 1 year ago.
So myself and my wife can be the freeholder and also both the leaseholder ?
or are you meaning one can be freeholder and one leaseholder.
Expert:  Buachaill replied 1 year ago.
4. Dear *****, one of you should be freeholder and the other leaseholder. In that way both interests can be registered in the Land Registry
Customer: replied 1 year ago.
Sorry to be a pain.
I' am trying to get a buy to let mortgage on 2 flats which I own the freehold.
Birmingham Midshires stipulate the lease holder and the freehold have to be the same named persons.
So if myself and wife together own the freehold, can we also be lease holders together, to satisfy their requirements.
many thanks
James
Customer: replied 1 year ago.
Many thanks for your help.
Will use your services again, when required
Expert:  Buachaill replied 1 year ago.
5. Dear *****, you can own the leasehold and your wife can own the freehold but you cannot both together own nboth as then the land registry will register you as freehold owners. so what Birmingham Midshires is wanting is impossible in the land Registry, as they only register the best interest possible.

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