How Much Would It Cost To Get A Lease Reworded?

Trying to sell a leasehold maisonette to settle an estate and have been told by a second buyer's solicitor the lease isn't fit for purpose for a mortgage. These are cash buyers, but they want to knock £7 k off their original offer because in the future they won't be able to sell to someone who needs a mortgage.

The problem is: their solicitor hasn't seen fit to impart this information to my solicitor and she's completely in the dark as to what is exactly wrong with it!

So for the first buyers I took out Contingent and Maisonette Liability Insurance and Absence of Easement because there was a quibble over access to the property. It is an upstairs maisonette and the front door faces onto the downstairs neighbours' garden! Again, though, their solicitors were reluctant to engage with mine and in frustration I told them to jog on.

The estate agent is desperate for me to accept the offer, but I think the £7k knock off is either the buyers taking the preverbial or wanting to use the money to reword the lease and set themselves up as a management company (apparently that's another reason they want to knock it down). Considering I accepted an offer £7K below the asking price in the first place I think they have an infernal cheek.

The EA mentioned something about indemnity; my solicitor says that's just a fancy word for insurance. I can't put indemnitise anything until I know what it is I'm fixing.

So it could be I could be looking for a third buyer soon. If so, should I go down the route of rewording and if so, how much could it cost, bearing in mind I was told by someone it might involve my solicitor, the downstairs neighbours' solicitor and the landlord's solicitor (whose only interest is to collect their poxy £15 year ground rent!)

1 Answers

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