Need to trace absent Freeholder to sell?

Need to trace absent Freeholder to sell?

0:01 AM, 26th June 2024, About 6 months ago 4

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I own one small flat which I rent out. I paid off the mortgage and was planning to retire. Fed up with constant issues paying out for roof and other maintenance I recently have decided to sell.

I looked at my documents and was shocked to find that my lease only had 51 years left. I was a joint freeholder with a person who has gone absent and the last communication was in 2005, when she moved to Spain!

I subsequently have no option but to spend money tracking her down if I want to sell my property!

Has anyone else found themselves in this situation?

If so Any advice?

Many thanks

Christina


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Dennis Forrest

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12:25 PM, 26th June 2024, About 6 months ago

Quite honestly no, not on this forum. Anyone who has a leasehold property knows how many years are left on their lease and realises that if the lease drops below 80 years they will have to pay the extra cost of marriage value when they extend the lease. If you don't know what I am referring to then really you should have never bought a leasehold property.

Judith Wordsworth

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17:15 PM, 26th June 2024, About 6 months ago

Who is paying the buildings insurance premium: It's the Freeholder's or the Managing Agents to do so in the name of the Freeholder with Leaseholders and any mortgagors noted on the policy.

By law, you have the right to know your freeholder's name and address. The freeholder or their managing agent can be fined if they fail to respond to a formal request for this information.

Verify Absence: Confirm whether the freeholder is genuinely absent or simply unresponsive. If they are missing, uncontactable, or insolvent, they can be classified as absent.

Absent Freeholder Indemnity Insurance: Purchase absent freeholder indemnity insurance. This provides financial protection in case the freeholder reappears and enforces lease covenants

Explore the possibility of buying the freehold collectively with other leaseholders.

Extending Lease with CONFIRMED Absent Freeholder: you can still extend your lease. You need to do this through making applications to the county court or the First-tier Tribunal. You need to make an application to the court for a vesting order, under the Leasehold Reform, Housing and Urban Development Act 1993 and possibly the Freehold & Leasehold Reform Act 2024 if the necessary clauses are in force will will be in force by the end of July.

Have a read of
https://homehold.org/standard-article/extending-your-lease-with-a-missing-or-absent-freeholder/

This is pre Freehold & Leasehold Reform Act 2024 enactment https://hoa.org.uk/advice/guides-for-homeowners/for-owners/absent-freeholder/#Absent%20Freeholder%20Lease%20Extension:%20How%20to%20Do%20It

Matt Matheou

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10:38 AM, 28th June 2024, About 6 months ago

You also have another issue with a short lease of 51years lease, you also say you was a shared freeholder. Please note you are a freeholder and this will help in renewing a short lease which wouldn't cost as much to renew as it would a leaseholder. I would strongly suggest you speak to a solicitor who specialises in lease extensions and enfranchisement.

Judith Wordsworth

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11:00 AM, 29th June 2024, About 6 months ago

Reply to the comment left by Matt Matheou at 28/06/2024 - 10:38
If a share of the freehold, and you know what you are doing ie drafting the Lease extension either by Surrender and Regrant or by Deed of Variation it can be as cheap as the HMLR fee to register it, less than £60

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