• Leasehold Or Freehold

    By Guest on 28th May 2015

    I am currently buying a house and exchange of contracts has taken place. Initially when buying I was advised the house was leasehold. When the contract arrived for signing it stated freehold - it was signed by both parties and exchanged. Now my solicitor is advising that the purchase of the house will be leasehold. How legally binding is the contract that was signed and exchanged? I was quite pleased that it had changed to freehold and would prefer to retain that element of the contract. What do I need to do? Any advice gratefully received!

  • 1 Answers

    By Guest on 31/05/2015

    It is difficult to comment without knowing the full circumstances but by the sounds of it the reference to freehold on the contract was probably just an admin error. If the freehold is subject to a lease (which it sounds like it is) then apart from the fact the seller probably doesn't own the freehold and can't sell it to you, you would be better off with the leasehold anyway, otherwise you would be purchasing the freehold subject to the lease meaning you couldn't live in the property and could only claim a nominal rent if any at all.

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