Coppen Estates. . . .Sheffield

[molecularbob 10]

Hi All 

 

I am looking at buying the  freehold reversion for our Sheffield House from Coppen, I think we have about 850 years to go at £12.00 a year.

 

Could anyone give me a rough idea of current cost including solicitors fees to get the job done, I have got sick of trying to get them to respond to my incorrect billing around required insurance, despite having the correct paperwork in place.

 

Thanks

 

Ian B.

Edited July 19, 2019 by molecularbob

[Jeffrey Shaw 90]

On 19/07/2019 at 11:07, molecularbob said:

Hi All 

 

I am looking at buying the  freehold reversion for our Sheffield House from Coppen, I think we have about 850 years to go at £12.00 a year.

 

Could anyone give me a rough idea of current cost including solicitors fees to get the job done, I have got sick of trying to get them to respond to my incorrect billing around required insurance, despite having the correct paperwork in place.

 

Thanks

 

Ian B.

1. A reasonable purchase price might be 25-30 times the ground rent (= £300-360). However, Coppen won't accept that low a figure.

2. You'd also have to pay Coppen's conveyancing fees.

3. The two elements together might come to about £650, were Coppen to see sense.

4. As to the purchase fees:

a. diagnostic work up to & inc. serving Notice of Claim- c. £300-350;

b. negotiations- depends on time taken; and

c. substantive work, once terms are agreed, up to completion and registration: c. £300-350.

[Pettytom 1]

On 19/07/2019 at 11:07, molecularbob said:

Hi All 

 

I am looking at buying the  freehold reversion for our Sheffield House from Coppen, I think we have about 850 years to go at £12.00 a year.

 

Could anyone give me a rough idea of current cost including solicitors fees to get the job done, I have got sick of trying to get them to respond to my incorrect billing around required insurance, despite having the correct paperwork in place.

 

Thanks

 

Ian B.

Hi Bob. I bought mine from Coppen last year. It was a similar one to yours, long lease and about a tenner a year.

 

In total I paid  about1800 quid. That included my  legals, Coppens legals and the freehold reversion thingy.

 

 

[Jeffrey Shaw 90]

Yes. The costs are increased by:

a. the conveyancing involving the same amount of work for the freehold reversion on a long unexpired term at a low rent as on a short unexpired term at a high rent;

b. Coppen's tendency to seek a higher-than-appropriate sale price;

c. its legal fees being unproven by copy Bill;

d. its valuation fee mysteriously being charged despite the absence of a valuer acting for it; and

e. the last-minute addition of 'extras' such as a previously-undisclosed Insurance Consent fee, penalty for not paying all ground rent, etc.

Edited August 29, 2019 by Jeffrey Shaw

[Lousea 0]

Does anyone have a contact name at Coppen Estates? My sols have been trying to give notice to them and settle ground rent as I’m selling my house (leasehold) but they are not responding....

[Jeffrey Shaw 90]

4 hours ago, Lousea said:

Does anyone have a contact name at Coppen Estates? My sols have been trying to give notice to them and settle ground rent as I’m selling my house (leasehold) but they are not responding....

Coppen tends to be unresponsive to letters and telephone calls. BUT I do happen to have its bank details.

No, I'm not going to publish them; please ask your solicitors to contact me direct, during office hours.

Edited September 1, 2019 by Jeffrey Shaw

[Lousea 0]

Thanks Jeffrey, I will speak to my Sols today and advise. Would that be enough though or would they still require a letter of confirmation from Coppen? 

[Jeffrey Shaw 90]

6 hours ago, Lousea said:

Thanks Jeffrey, I will speak to my Sols today and advise. Would that be enough though or would they still require a letter of confirmation from Coppen? 

That's presumably up to your solicitors and also depends on what your purchaser's solicitors require. The aim is to prove that you have paid all ground rent that has fallen due, so that Notice of Transfer can be served following completion.

Edited September 2, 2019 by Jeffrey Shaw

[Stephen Parr 0]

I wonder if anyone here has encountered this problem? I’m currently trying to buy a house in Hillsborough. The emphasis is on “trying”. The previous owners bought the freehold from Coppen Estates, but there was a fault in the title, as the freehold didn’t cover the part of the house that extends over the common ginnel that gives access to the rear. It’s called a “flying freehold”.  After months of inactivity, CE are now refusing to give us a flying freehold, which will probably make it very difficult to sell the house when the time comes, because we’re advised that mortgage companies will not offer a mortgage in these circumstances. So we’re wondering if we should proceed with the sale? Can anyone throw light on this ? Thanks.

[geared 302]

If you're the buyer walk away and let the owner deal with the mess.

 

Plenty of other houses in Hillsborough to choose from.

[Jeffrey Shaw 90]

7 hours ago, Stephen Parr said:

I wonder if anyone here has encountered this problem? I’m currently trying to buy a house in Hillsborough. The emphasis is on “trying”. The previous owners bought the freehold from Coppen Estates, but there was a fault in the title, as the freehold didn’t cover the part of the house that extends over the common ginnel that gives access to the rear. It’s called a “flying freehold”.  After months of inactivity, CE are now refusing to give us a flying freehold, which will probably make it very difficult to sell the house when the time comes, because we’re advised that mortgage companies will not offer a mortgage in these circumstances. So we’re wondering if we should proceed with the sale? Can anyone throw light on this ? Thanks.

Why did the current vendors buy a technically defective title? Their solicitors ought to have noticed this.

As per the preceding post, don't touch it unless your own solicitors can rectify matters before you commit yourself.

[Stephen Parr 0]

Thank you Jeffrey! Extremely useful. SP