Buying freehold as condition of contract

B

beckyp

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The house I want to buy has a leasehold that is running out and my solicitor has managed to get the vendors to agree to pay all expenses related to buying the freehold. This condition been written into the contract, and our solicitor will do the work in buying the freehold from Land Registry.
So basically we could complete purchase of the house now, and allow the lengthy purchase of the freehold (can take years) to go on afterwards.

My question: what is to stop the purchase of the freehold from dragging on forever? If our solicitor never got round to purchasing it, we might have difficulty selling the house at a later stage.
We have no intention of selling the house in the near future, but is it advisable to enter into this sort of conditional contract in Ireland? Is it common? Is it possible that the freehold is never bought from Land Registry?
 
Hi, I am in process of buying a property with a freehold/leasehold agreement on it, there is over 200 years on the freehold lease left. Are there any concerns i should consider also. Thanks.
 
I have seen similar situations as you have described beckyp. Main thing is that the vendor has agreed to pick up the tab. They buying of leashold can be a very long process. Not sure exactly why, but it does seem to be quite complex. The shortest time I have seen for this to be done is about 6 months. I think the delay mainly concerns finding the original grantor of the lease. Bit of detective work is required by the solicitor to establish this. I also know it is an expensive job. Has the vendor agreed money or what? Can you be sure that the vendor is going to pick up the tab?
 
MCon said:
Hi, I am in process of buying a property with a freehold/leasehold agreement on it, there is over 200 years on the freehold lease left. Are there any concerns i should consider also. Thanks.
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No problems - unless you are planning to live 200 years!
 
True, just wary the something could go wrong with these types of leaseholds.
 
I am interested to here how both of you got on with this effort?

Did you proceed and if so how complex was it in the end or is it still ongoing?
 
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