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One thousand year lease.

I am selling my house which has land and stables, it is on a 1000 year lease with an absent landlord. Will this effect the price or put off a potential buyer?

Asked on Sep 1 2013, Selling in Sunderland | Report content

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  • Hi, It might be prudent to ask your solicitor as there are options e.g. Indemnity Insurance policies which will satisfy your purchaser, however you must obtain this legal advice from your solicitor. We hope you are able to sell your home, and if you need any help, please feel free to get in touch!

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    Answered on Sep 6 2013, Report content
  • It depends. In the North of England solicitors are used to this sort of thing and it is not a problem. Burnley for example has swathes of terraced houses on 999 year lease dating back to 1870 ish. The ground rents are circa £2 p.a and there are no other covenants that potentially restrict. This means that if a freeholder turned up out of the blue saying ground rent is unpaid he could claim a maximum of 6 years unpaid rent (£12) because of the statute of limitations. The Freeholders are generally absent because they cant be bothered to chase £2 per year. So Indemnity is available to cover that specific risk. That insurance policy costs £38!!! - Obviously if your lease has loads of other covenants in it that are complex and require answers from the freeholder it could be a bit trickier. I suspect that you would know if this was the case. It doesn't sound like a massive issue.

    Answered on Oct 6 2013, Report content

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