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Thomas
Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7724
Experience:  UK solicitor holding an England and Wales practising Certificate.
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In 2004 I purchased my first property, a flat with 82 yrs

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In 2004 I purchased my first property, a flat with 82 yrs remaining on the lease. (99 year lease).
Ny deposit covered over half the value of the agreed purchase price.
My solicitors, mortgage advisor including the mortgage provider (company) did not at any point mention or point out the implications of my lease. There is a short paragraph in the documentation i was hiven but its very vague. i was young and a first time buyer, i kmow and am positive that all parties involved failed to represent the facts.
i have now a huge sume to extend the lease
, if i dont i will never sell it. Can I take action against the solicitor and mortgage advisor ?

Hi

Thanks for your question. I will try to help.

Your mortgage adviser provides you with advice on your mortgage, not the legal title that you have purchased so you would almost certainly not be able to sue them for this.

I would normally expect the solicitor to report to you prior to exchange of contracts how long is left on the lease and then also to tell you (1) the approximate required length of time that mortgage lenders require on the term of the lease in order to grant a mortgage and (2) that there is legislation in place to allow you to extend the lease for a fee to be calculated under the statutory procedure.

If the solicitor did not do this and you have evidence of this then you might be able to sue them. However, you would have to contact them first and lodge any official complaint, exhaust their complaints procedure and then thereafter refer to the legal ombudsmen and then sue them.

My goal is to provide you with a good service. If you feel you have received anything less, please reply back. Please remember to leave positive feedback using the stars at the top of the page.

Kind regards,

Tom

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Customer: replied 3 months ago.
My mortgage advisor worked for the estate agents I was buying the flat from and the solicitors I used came from the firm the letting agent and mortgage advisor use. I had just finished uni, I saw buying a property to be standard, get mortgage 3xwages , buy affordable property, move in etc. The fact that a lease means you don't actually own the place was never brought to my attention no was the cut of point of "80" yrs for mortgage and cost of extending ever mentioned or explained. I clearly recall her saying that my wage wasn't high so might struggle to find lender nothing to do with 82yrs left on lease. when i have her my deposit figure she said it wouldn't be a problem now.
number of times she insisted I take life insurance to which i have a clear no! as no one in my life to benefit from it.
12 months later i had to go back to her and ask what £35 p/m charge was on my mortgage statement, only to be told its life insurance. I remember being quite angry about it at the time.
I think all subject are to blame. what do you think?

It is not the mortgage advisor's responsibility to advise you on the length of term remaining on the lease. It is the solicitor's responsibility to do this and if they have not you might be able to first complaint and then second sue them.

As to life insurance, it would be the financial advisor that you would sue if they incorrectly advised you to buy a financial product.

Tom