• Indemnity Against Lack Of Lease On Freehold Flat In Maisonette

    By Guest on 16th Jun 2020

    Hi I am trying to sell my leasehold maisonette, which occupies the first and second floss of a converted house. The ground floor flat is owned by the freeholder with no lease in place. Our buyers solicitor says this arrangement, along with various other problems with the lease will not satisfy the lender. We are happy to meet the costs of surrendouring our lease and having a satisfactory one written, however our freeholders solicitor has said her client does not need a lease and will not meet the cost of one. We really draw the line at paying for their lease as well, would an indemnity policy for their lack of lease solve this issue?

  • 2 Answers

    By NotaryExpress on 17/06/2020

    An indemnity policy for a Missing Lease should be fine based on what you have described.

    Your conveyancer will be able to sort this out for you otherwise you can email [email protected] for a quote. Make sure your buyer is happy with the proposed solution before you purchase the indemnity.

    www.notaryexpress.co.uk

  • By NotaryExpress on 17/06/2020

    Sorry, by way of amendment to the above answer, I have just re-read your question and it appears the lease was not created and lost, but never created in the first place?

    If that's the case, have a careful look at the Missing Lease indemnity because the terms might only cover a lost lease, not never having had a lease in the first place. You may have to produce a lease for the flat. Indeed, it would be the neatest solution to do so and resolve any issues for the landlord and tenant regarding the lease in the future.

    www.notaryexpress.co.uk

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