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  • #1

    question please

    If someone has bought the freehold their house is built on , but still have a mortgage on the building what would happen if the house was repossessed as the land belongs to them but not the house , also could they be forced off the land if the bank wanted to sell the house ?

    Just wondering nothing is happening its just something we were talking about with a couple friends last night .

    ps wasn't sure where to post this so if wrong please move to the right section .
    _______________________________________



    Tags: bank, charges, court, cross, extra, forced, formula, freeholder, friends, home, house, land, land registry, lease, lease extension, leasehold, leaseholder, legal, london, manchester, media, mortgage, national, pay, properties, property, shops, water, website
  • #2
    Re: question please

    Mmmmm that's a poser .......... ?
    if you do it today and you like it you can always do it again tomorrow

    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

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    • #3
      Re: question please

      could make an interesting court case!
      I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

      If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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      • #4
        Re: question please

        Originally posted by Spent2much View Post
        If someone has bought the freehold their house is built on , but still have a mortgage on the building what would happen if the house was repossessed as the land belongs to them but not the house , also could they be forced off the land if the bank wanted to sell the house ?
        .
        Sorry S2M I've only just seen this post.

        It's very rare to have a leasehold house sitting on a freehold plot. Flats are always leasehold but not houses. I suppose it's not impossible. The National Trust lease their properties.

        You need to establish whether your friend's house is leasehold in their name with a mortgage on and whether they've then bought the freehold title separately which has no mortgage on. This can easily be established on the Land Registry website which will show one or two titles.

        If the property is repossessed the lender can only take whatever they have a charge over which would be the leasehold and your friend would still own the freehold title. Unless the lender has a charge over both (albeit they would be separate charges) in which case they can repossess both simultaneously.

        I have a similar situation with a property where I subsequently bought an extra piece of land. The new bit has a separate title and my mortgage company doesn't have a charge over that. If they repossess the house they can't have the new bit of land because they have no charge over it.

        But since that stands in front of the property no one would be able to access the house without my permission to cross it which I obviously won't give. This in turn renders the value of the house as worthless to anyone but me since effectively their only access would be by helicopter

        Plan B x

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        • #5
          Re: question please

          when we bought our first house in 1979 it was leasehold,with 99 years to run, we paid £5.00 a year, the leaseholder owned the lease on all the houses on the road (about 90) we were allowed to modernise the house but if we wanted to extend we had to get the lease holders permission,as well planning consent.
          I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

          If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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          • #6
            Re: question please

            Was it a National Trust stately home nightwatch

            Nowadays you have the automatic legal right to a lease extension of a further 99 years once you've owned the lease two years. You have to pay the freeholder for it, but the determination of the cost is also decided by a legal formula. They can't just charge what they like.

            Plan B x

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            • #7
              Re: question please

              it was Plan B,6 rows of 3 bed terraced stately (in a state) homes

              I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

              If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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              • #8
                Re: question please

                Originally posted by nightwatch View Post
                it was Plan B,6 rows of 3 bed terraced stately (in a state) homes

                With what appears to be a roof garden on the front elevation next to the rainwater gutter

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                • #9
                  Re: question please

                  see, dead posh in Manchester ps that wasn't our house, ours was further down the road, had an open plan roof
                  I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                  If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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                  • #10
                    Re: question please

                    so if our friend owns the freehold to his mortgaged property with no chages on it , the house couldn't be repossessed with out his permission ?

                    confused now

                    i think i get it now
                    Last edited by Spent2much; 22 May 2015, 17:13.
                    _______________________________________



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                    • #11
                      Re: question please

                      Most houses in central London are leasehold to the Queen, Prince Charles or the Duke of Westminster.

                      The houses, flats and shops are liable to be knocked down when the lease expires in favour of Oligarch Towers, in much the same way as the cardboard boxes of the rough sleepers are removed from their doorways.

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