05 Feb 08
i live in a upstairs flat lease hold. My downstairs is getting reposessed, . Yet i got a letter from his building mortgage saying they will reposess mine and his, tho mine is paid for. they say its because he is the freehold and they issue to both properties but have no intention of repossing my property, yet my property is mentioned in the official letter sent, (english law) anyone out here know if this is true, as they will have to move him with balifs from my experiance with him.
05 Feb 08
Originally posted by stokerpms
i live in a upstairs flat lease hold. My downstairs is getting reposessed, . Yet i got a letter from his building mortgage saying they will reposess mine and his, tho mine is paid for. they say its because he is the freehold and they issue to both properties but have no intention of repossing my property, yet my property is mentioned in the official letter s ...[text shortened]... ere know if this is true, as they will have to move him with balifs from my experiance with him.
05 Feb 08
Originally posted by stokerwhat is a "lease hold"?
i live in a upstairs flat lease hold. My downstairs is getting reposessed, . Yet i got a letter from his building mortgage saying they will reposess mine and his, tho mine is paid for. they say its because he is the freehold and they issue to both properties but have no intention of repossing my property, yet my property is mentioned in the official letter s ...[text shortened]... ere know if this is true, as they will have to move him with balifs from my experiance with him.
05 Feb 08
1 edit
Originally posted by Sam The ShamSounds like he's a Tennant more than Leasehold. What's the duration of the agreement? edit - Q for Stoker there!
Wait a min......is he the owner (ower) of the property and you're leasing from him?
Typically for anyone renting a flat this is not Leasehold.
In general it's stand that if someone is renting, and the guy downstairs own's the whole property, and he defaults gets reposessed, then I'm afraid they'll most likely be out on their ar$3.
05 Feb 08
Originally posted by stokerSo leasehold and you pay ground rent to the Landlord.
i am the lease holder as he is the freeholder
In this event I guess (purely that - suggest you seek professional advice) that the guys doing the reposessing will take over the role of landlord - so your ground rent will be paid to them instead, and you'll stay in situ until they sell on the property at which point you'll have another new Landlord to pay ground rent to.
Suggest you get PROPER advice though than asking a bunch of Chess Nerds.
05 Feb 08
1 edit
Originally posted by stokerI would have thought, as your leasehold is an legal interest in land that the mortgagee cannot get you out of the property. they can however sell the freehold to someone else but it will be subject to your tenancy.
registered 1968 at land office
when your lease comes to an end the theory is that your property interest will revert to the freehold owner - this is not usually the case for residential properties as tenants under long leases have a statutory right to request an extension. Nothing will really change in your case - except perhaps the person you pay rent (and service charge) to.
EDIT: See i've been beaten to it - see post above re proper advice!