Bought our first and current home 7 years ago. Was told by the solicitor that it was Leasehold with 63 years left but not informed what the implications of this were, just that it could mean we'd have a problem if we wanted to sell in the near future and she would advise that we either extend the lease or purchase the freehold when we can - great. I was young, excited that our offer had been accepted and we'd be moving into our dream home and trusted that the solicitor knew their job.
Fast forward 7 years and 2 DC later and finally my head is out of my arse to start looking into buying the freehold.
I feel sick, have read that it can cost tens of thousands of pounds, extending the lease can be just as costly, and if we just let the lease run out the land reverts back to the leaseholder and we can be forced to then pay them RENT for our own home that would have been fully paid off. So we need to buy it.
I cant stop worrying about this, we are due to go on our first holiday in 7 years this weekend (nothing special, just a few days in the UK with the kids) and finding out this has just completely soured it. I just want to curl up in a ball.
Has anyone else been in this situation or have any advice? I don't even know what the first step is. We are in negative equity (or very close) so no hope of releasing any funds. I just feel like there is no hope
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Leasehold - 56 years left - royally screwed by solicitor - just want to cry
73 replies
TheToysAreALIVEITellThee · 14/05/2013 12:46
OP posts:
NatashaBee ·
14/05/2013 13:00
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