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Buying a property that was advertised by estate agents as being freehold, but find out from survey that its actually leasehold

Put an offer in on property that was advertised by agents as freehold, the offer was accepted. Turns out after survey that the property is actually leasehold, what options have I got? Offer a lesser price? or would I be entitled to compensation from agent as they were adevertising the property as freehold, and iIhave paid solicitor and surveyor?

Asked on May 13 2011, General in Newport | Report content

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  • Failing to describe the title correctly is a matter that could be reported to trading standards and as you say there may be a valuation effect/ you might not want to proceed at all especially if its a short lease in which case there's the matter of "wasted professional fees". if you need further advice please let me know.

    Answered on May 14 2011, Report content
  • Generally you'll find that agents particulars will have a disclaimer that all information is deemed reliable but cannot be guaranteed. If the agents were advised by the vendor that the property was freehold then they are acting in good faith. There are many angles to the freehold v leasehold debate and a property isnt automatically worth less/more or more or less desirable depending on its tenure.

    Answered on Nov 12 2011, Report content
  • This just happened to me only difference is I had my offer accepted for the advertised property that states clearly on the brochure that its Freehold,then out of the blue it has become a Leasehold and the agency is speaking as if I was aware of this?No way did I want a Leasehold and am furious that the agency is expecting me to negotiate with the landlord an acceptable monthly charge,this is very stressful.The brochure says clearly Freehold?

    Answered on Jan 15 2016, Report content

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