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
Answers (2)
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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
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