HI all, first time post, but I have been reading for a while now.
Right I'm a First time Buyer and have been looking for around four months or so now, but no real hurry to move, I'm happy to see where the markets end up.
Having viewed a few properties for around the £125,000 mark with the view to offer at around £100,000 mark.
Well, I have found a house that fits my criteria, but I'm now very confused if the property is actually a freehold house or a leasehold flat.
The estate agent has described it as a Coach House, but it is fundamentally a 2 bed flat above a row of garages. One of the garages is owned by the flat and the other two are owned by the neighbours, it gets somewhat confusing as to actually who 'legally' owns the other two garages, but seems reasonable to assume they are owned by the flat and leased back to the neighbours. Both the vendor and the agent are saying the house is freehold and the garages are leased to the neighbours on 1000 year leases. To confirm this I pulled up the details from the land registry, this is where it gets even more confusing.
According to the land registry, the land the flat is built on is still owned by the development company. The current owner looks to have a 125 year lease on the property, ( started 2006 ) and the garages are on a separate 1000 year lease. When challenged the agent and vendor are both assuring me it is a freehold property and it is merely an oversight on the land registry and will be registered as a freehold upon sale.
Could this really be an oversight? At the moment, I'm prepared to wash my hands of it all and find somewhere else, its starting to sound like far to much hassle for me.
I have copies of the land registry findings I can post if that is any help.