Thank you. As you appreciate, this is not a common scenario. What you have here is a lease for which there seems to be no known owner or occupier stops nonetheless, there is a lease and someone can come out of the woodwork after many years and decide that they have the benefit of it. What would then happen is you would have to look through the lease and decide whether they had complied with any covenants of a tenant in the lease with a view to foreclosing on the lease.
The likelihood of that happening is remote in the extreme but there is a possibility which is why you have to arrange an indemnity policy or, rather, the seller has to arrange an indemnity policy.
You ask whether you should be asking for a price reduction. Well, the reality is that legally you have no right to one but on a practical basis, you can ask for whatever you like and it comes down to negotiation between you and the seller because if they will reduce the price then you either pay the price or walk away from this. It’s just hard negotiating tactics.
The lease doesn’t lapse just because it hasn’t been used for a few years, it only gets extinguished either through mutual consent between the freeholder and the leaseholder or if the freeholder forecloses on the lease for breach.
.Can I clarify anything else for you? I’m happy to answer any specific points arising from this.
I’m happy to answer any specific points arising from this.
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If you still need any point clarifying, I will still reply because the thread does not close.