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Offer accepted - what to do now!!!?

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  • Offer accepted - what to do now!!!?

    Hi all,

    Our offer was accepted on a Victorian coversion flat in London last week. It is sharehold of freehold (two other owners in the building), we have two dilemmas and would really appreciate some advice (as we are 1st time buyers):

    1) The SoF lease is 67. We would like the vendor to extend it to 999 before exchange (at their expense). Do you think this is unreasonable? Do you think we should pull out of the sale without this?

    2) There is no formal management company set up. We have been told that we cannot do anything about this until we are the legal owners. There isn't a management company as the 3 owners have always got on and haven't seen a need for one - that doesn't mean though that we can't try to set one up when we've moved in. One positive factor is that the flat below has also just sold, so it may be that the new occupants want the same thing.... What are your thoughts on this? Should we buy a flat that hasn't got a management company already set up?

    Thanks in advance for your advice.

  • #2
    1 A lease with 67 years to run is mortgageable, so if you want the property the unexpired lease term is not a reason to withdraw. However, it is simplest to extend the lease term at the same time as you complete the purchase, as it avoids you or your seller having to get consent from your mortgage lender (and, presumably, a "Deed of Substituted Security")

    2 As long as the lease includes enforceable maintenance, etc, provisions, there is no need for a separate management company - certainly not managing agents, who would simply add a layer of expense and delay unnecessarily

    On both topics, I suggest you have an early discussion with your conveyancer, to agree on what is best for you

    I hope this helps
    This is based on my experience as a conveyancing solicitor in England, but I do not accept liability for information I give in this forum