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Aston Lawyer
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10412
Experience:  LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
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I own a leasehold property with 67 years left on the lease.

Resolved Question:

I own a leasehold property with 67 years left on the lease. I cannot see much point in buying the free-hold, which would make a big hole in my savings.
My main concern is that I intend to bequeath the property to my daughter and want to ask if the leasehold automatically passes to her?
Submitted: 7 months ago.
Category: Property Law
Expert:  Aston Lawyer replied 7 months ago.

Hi,

Thanks for your enquiry.

Generally, Mortgage Lenders will only lend on a Leasehold property provided there is at least 55-60 years remaining on the Lease. Therefore the issue of purchasing the Freehold will have to come up again in the future, and it becomes more expensive the longer you leave it.

However, if you were never to purchase the Freehold, then legally, the next of kin has the right to purchase the Freehold, provided the deceased had owned the property for 2 years. So, your Daughter would be free to purchase the Freehold, and this could be done, for example, at the same time as when the property is sold by her.

I hope this assists and clarifies the position.

If so, I would be grateful if you could rate my answer.

Kind Regards

Al

Customer: replied 7 months ago.
Thank you for this:This answer generally covers the question. To be more specific, does whoever I bequeath the house to own the lease ?
Expert:  Aston Lawyer replied 7 months ago.

Hi,

Yes- whoever you bequeath the house to in your Will automatically owns the Lease. However, it is only the Executor(s) named in your Will who have the automatic right to apply to purchase the Freehold. Therefore, if the person who is bequeathed the property is not an Executor, and the Executor does not apply to purchase the Freehold, the person would have to wait 2 years until being entitled to purchase the Freehold.

I hope this helps.

Kind Regards

Al

Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10412
Experience: LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
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