Hello All,
Not sure if this is the correct place to post such a question...
I am looking at a property (flat) with the following status.
Repossession, below the general market value with quite good rental potential and capital growth, also very close to my own home.
I've been advised that the property has a share of the Freehold with the flat upstairs (only two flats) and has a 999 year lease which started in 1998. The flat above does not pay third party for Maintenance / Insurance / Ground rent.
The previous owner cannot be traced, however the BS and agent are trying to locate him.
I really need clarification of the following please...
How can you be a Freeholder and a Lessee?
If they cannot find the 'Freeholder' what happens
How can the BS repossess a property and offer it for sale if the Freeholder hasn't signed it over?
Can the BS just title back if T&Cs were not followed (ie repossession) and if so why do they now need to find the Freeholder?
Any feedback gratefully received..
Not sure if this is the correct place to post such a question...
I am looking at a property (flat) with the following status.
Repossession, below the general market value with quite good rental potential and capital growth, also very close to my own home.
I've been advised that the property has a share of the Freehold with the flat upstairs (only two flats) and has a 999 year lease which started in 1998. The flat above does not pay third party for Maintenance / Insurance / Ground rent.
The previous owner cannot be traced, however the BS and agent are trying to locate him.
I really need clarification of the following please...
How can you be a Freeholder and a Lessee?
If they cannot find the 'Freeholder' what happens
How can the BS repossess a property and offer it for sale if the Freeholder hasn't signed it over?
Can the BS just title back if T&Cs were not followed (ie repossession) and if so why do they now need to find the Freeholder?
Any feedback gratefully received..