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Hi.
We are FTBs and buying a house owned by the current owners (end of chain) as leasehold. However our lender has insisted that we purchase the freehold. This is due to ongoing bad press regarding ground rent ££ etc.
To enable this, the vendor has agreed to purchase the freehold, and the landlord/ freeholder has agreed to sell it. Fee has been agreed and transfer document drawn up.
My question - once the freehold transfer document has been signed by both parties and the monies paid, when can exchange of contracts for the house purchase take place? Does there have to be a “grace period” or can this happen consecutively? Eg could the freehold transfer be signed (so freehold is in vendors name) and the next day we exchange contracts (freehold goes to our name)
Thank you!
We are FTBs and buying a house owned by the current owners (end of chain) as leasehold. However our lender has insisted that we purchase the freehold. This is due to ongoing bad press regarding ground rent ££ etc.
To enable this, the vendor has agreed to purchase the freehold, and the landlord/ freeholder has agreed to sell it. Fee has been agreed and transfer document drawn up.
My question - once the freehold transfer document has been signed by both parties and the monies paid, when can exchange of contracts for the house purchase take place? Does there have to be a “grace period” or can this happen consecutively? Eg could the freehold transfer be signed (so freehold is in vendors name) and the next day we exchange contracts (freehold goes to our name)
Thank you!
