I had exactly the same issues selling flats , even though it was nearly 2 years ago I still feel slightly traumatised ! My ground rent doubled every 25yrs , which I didn’t think was to bad when buying. But selling was a nightmare! Tried the deed of variation, but the landlord wasn’t interested. With pure luck we got indemnity policy . That was one of many things selling the flat ! Never again!
So sorry you went through this process too, I was the same - no issue when I was buying. So relieved and indemnity policy did the trick for you too 🙌🏻🙌🏻
i got a lease extension in order to get an equity release. it took nearly a year (i lost the sale of my flat because it took so long) and it cost £5000 (i think for a 10 year extension) and another £898 to cap the rent at £300 PA, but as i only extended by the minimum amount to get the ER, i need to extend again now, as the sale of my flat has fallen through twice in the last five years, i tried being patient with the freeholder and management company, but conveyancing last time took 13 months, and fell through anyway. so if we can extend to 990, that would make life bearable. when i bought my plan was to live here for three years (til my son went to uni) and then move on, but i've been trying to sell for another 7 years, it's a retirement property which makes it even harder to sell.
So sorry to hear you have been through this, this sounds horrible. Keeping my fingers crossed that this law passes as it will make it easier and hopefully 'cheaper' as they state, it may just mean holding on for another year or two until it becomes law.
Ive just gone 9 months of this nonsense. Fortunately the freeholders played ball and signed our requests off for the DOV, however the RMC were making things difficult. Glad you got yours sorted too! #SOLD
@@NicoleSage unfortunately there was no feeling as the whole process left a bad taste! But there needs to be legal protection for a seller and buyer going forward
I’m going through a leasehold purchase and the ground rent is currently set at £300pa. My solicitor and vendor are trying to get the landlord (which is a firm) to sign a Deed of Variance, to keep the ground rent below £200 and assure no increases exceed the Retail Price Index and we are encountering resistance
Well done, your side are doing the right thing. I think this is typical of sellers because of how much it costs to do the process - however, they will encounter this issues whoever they sell to, so keeping my fingers crossed for you in your purchase
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Thank you for sharing you experience and advice. This has been invaluable information for me as, I am facing the same problem.
So sorry to hear you're going through this now but hopefully you can come up with a resolution that works for all parties, good luck!
I had exactly the same issues selling flats , even though it was nearly 2 years ago I still feel slightly traumatised ! My ground rent doubled every 25yrs , which I didn’t think was to bad when buying. But selling was a nightmare! Tried the deed of variation, but the landlord wasn’t interested. With pure luck we got indemnity policy . That was one of many things selling the flat ! Never again!
So sorry you went through this process too, I was the same - no issue when I was buying. So relieved and indemnity policy did the trick for you too 🙌🏻🙌🏻
THANK YOU SO MUCH
i got a lease extension in order to get an equity release. it took nearly a year (i lost the sale of my flat because it took so long) and it cost £5000 (i think for a 10 year extension) and another £898 to cap the rent at £300 PA, but as i only extended by the minimum amount to get the ER, i need to extend again now, as the sale of my flat has fallen through twice in the last five years, i tried being patient with the freeholder and management company, but conveyancing last time took 13 months, and fell through anyway. so if we can extend to 990, that would make life bearable.
when i bought my plan was to live here for three years (til my son went to uni) and then move on, but i've been trying to sell for another 7 years, it's a retirement property which makes it even harder to sell.
So sorry to hear you have been through this, this sounds horrible. Keeping my fingers crossed that this law passes as it will make it easier and hopefully 'cheaper' as they state, it may just mean holding on for another year or two until it becomes law.
How much did it cost to extend your lease?
Very insightful video. Thank you ⭐️👊🙏
So glad it was helpful, thanks for watching! ☺️
Thank you for this video!
You are so welcome! Thanks for watching :)
Ive just gone 9 months of this nonsense. Fortunately the freeholders played ball and signed our requests off for the DOV, however the RMC were making things difficult. Glad you got yours sorted too! #SOLD
So sorry to hear you have experienced this too, but CONGRATS on getting out too! The best feeling ever!
@@NicoleSage unfortunately there was no feeling as the whole process left a bad taste! But there needs to be legal protection for a seller and buyer going forward
I’m going through a leasehold purchase and the ground rent is currently set at £300pa. My solicitor and vendor are trying to get the landlord (which is a firm) to sign a Deed of Variance, to keep the ground rent below £200 and assure no increases exceed the Retail Price Index and we are encountering resistance
Well done, your side are doing the right thing. I think this is typical of sellers because of how much it costs to do the process - however, they will encounter this issues whoever they sell to, so keeping my fingers crossed for you in your purchase