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Ground rent issue holding up sale of duplex apartment

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  • 08-08-2019 1:10pm
    #1
    Tooosey
    Registered Users Posts: 8 ✭


    I am the owner of a Duplex apartment (1 below me) that was built by Fingal CoCo in 2005. It's sale is currently being held up at contract stage due to ground rent term issue. There are 85 years + on it with buyer's Solicitor wanting it changed to 999.

    Would anyone have any suggestions that might get this across the line to the satisfaction of the buyer. By satisfaction I mean them being able to buy the apartment with the term changed or maybe without the term changed but with the knowledge that it can easily be done.

    Any thoughts welcome and appreciated.
    Tagged:


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    #2
    Del2005
    Registered Users Posts: 18,921 ✭✭✭✭Del2005


    Most apartments are on 99 year leases. I don't know how you can get a thousand year lease, you'll have to contact the ground landlord to see what they can do but I think you will need to find another purchaser because a thousand year lease will be difficult.


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    #3
    nuac
    Moderators, Society & Culture Moderators Posts: 6,769 Mod ✭✭✭✭nuac


    MOD
    Leaving open for general discussion subject to forum rule on legal advice


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    #4
    partyguinness
    Registered Users Posts: 8,207 ✭✭✭partyguinness


    If the title is good and marketable then there is no need to require a longer term.

    99 years is very short and what the solicitor is considering is that the less term left on a lease the harder it will be to sell in the future. 14 yrs gone- 85 left. Say another 10-15 years you are down to 70-75. It gets harder to sell and more expensive to extend.

    Bottom line is you do not have to extend the lease.

    Plus the hold up and delay with actually getting it extended will add months to your sale plus the landlord can just drag it out. Tell the seller to take it or leave it- they can apply to extend the lease themselves afterwards if they want.


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