Freeholder mortgage enquiry

[Greatergood]

I own the freehold of a building where it looks like one of the leasees has converted the basement without my knowledge.

on another forum it said you should contact teh mortgage provider to see if they are ( and probably are) valuing it as an extra bedroom.

Is there an easy way to find out online who their lender is?

 

[RandomGrinch]

Hi,

I've found land registry 'Title register' searches usually include a lenders name:

https://eservices.landregistry.gov.uk/eservices/FindAProperty/view/QuickEnquiryInit.do

You get an instant online result and it only costs £3!

You could also try and do a local authority search to see if Building Control have been involved with anything (...and they definitely should have been!).

 

[^woody^]

I own the freehold of a building where it looks like one of the leasees has converted the basement without my knowledge.

on another forum it said you should contact teh mortgage provider to see if they are ( and probably are) valuing it as an extra bedroom.

Is there an easy way to find out online who their lender is?

Just enforce the lease

 

[Greatergood]

I’ll try that thanks.
Good to be forearmed in this matter.

if they refuse to cooperate a quick phonecall to their lender may loosen the wheels if they are in threat of forfeiting their mortgage.

they could well have mortgaged it 100k more than it’s worth.

 

[Gasguru]

I looked at a basement flat project several years ago that was up for auction.
Careful reading of the paperwork disclosed that the flat owner had extended the floorspace out into a lightwell and carried out several other minor additions without the freeholders permission.
The property was being sold under the condition that the original floorspace be reinstated (likely cost £10,000) with further legal costs of £30,000 to be paid to the freeholder.
There's some very ignorant and stupid leaseholders out there...and plenty of muppets that don't read auction legal packs.
Having sold at a considerable price it was back in the auction 6 months later...with all the problems still to be resolved

 

[^woody^]

I’ll try that thanks.
Good to be forearmed in this matter.

if they refuse to cooperate a quick phonecall to their lender may loosen the wheels if they are in threat of forfeiting their mortgage.

they could well have mortgaged it 100k more than it’s worth.

I'm not sure whether the lender would be that interested or would be that bothered.

You would be much better just contacting the leaseholders about it, and mention that your costs/timr in dealing with this will be added to the service charges

 

[bernardgreen]

Is there an easy way to find out online who their lender is?

With a commercial property that is Leasehold the Leaseholder is duty bound to inform the Freeholder of any charges / mortgages that the Leaseholder sets up. I received a letter from the Leaseholder's solicitor giving the name of the bank involved but not the amount involved.

I am fairly certain that a similar duty is present in a residential lease.

Certainly any material alterations to the Leasehold property require the consent of the Freeholder. There may be a clause in the lease which removes this obligation from the Leaseholder.

 

[Gasguru]

Isn't the issue here that the leaseholder doesn't even "own" the basement...in a similar way that top floor flat owners often assume the roof space is theirs.