How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
Ask Stuart J Your Own Question
Stuart J
Stuart J, Solicitor
Category: Law
Satisfied Customers: 22850
Experience:  Senior Partner at Berkson Wallace
11292137
Type Your Law Question Here...
Stuart J is online now

I am in the process of buying a property and will own the

Customer Question

I am in the process of buying a property and will own the Leasehold and Freehold .My solicitor has said there might be a problem with the Halifax as they don't lend on leases less than 70 years the lease on the house in question has 69 years left . I don't understand how this will be a problem as i will own the freehold as well .We are buying a house in the North of England our solicitor is down South . I worry that she doesn't understand the situation fully .I'm confused to say the least
JA: What steps have you taken so far? Have you prepared or filed any paperwork?
Customer: Yes queries have been returned highlighting this problem
JA: Where is the leasehold located?
Customer: The Property is in Sunderland the Vendor owns the freehold his wife owns the lease hold and i will own both on compleation
JA: Anything else you want the Lawyer to know before I connect you?
Customer: no
Submitted: 17 days ago.
Category: Law
Expert:  Stuart J replied 17 days ago.

Are saying that you will own all of the freehold or that you will own part of the freehold plus, of course, the lease?

If you are owning all the freehold and the leasehold in the same name, that is problematical because lenders will not normally lend on freehold flats which is what it would be if you owned both.

 

You would need to create a limited company or have the freehold or the leasehold in different names such as one in your name and the other in the name of you and your wife.

That is why it is currently held part by him and part by his wife.

 

All you could have a limited company and you will only the limited company because that gets round it.

 

you need to extend the lease. You have a statutory right to do so although there is a cost involved. If the current leaseholder extends it they want more money although your lender may not lend until it is extended.

 

The first thing to do is to get a cost for the lease extension because the cost of that is based upon a statutory formula which is quite complicated