Hi all,
We've been looking to purchase our first home for a while now and came across this property that ticks most of our boxes. Our main concern is that it's a cross-lease property (1 of 2 houses). The seller considered converting it to fee simple but their solicitor advised them it'd be too complicated, so they never went ahead with it.
The owners of the other property are currently living overseas and renting their house out. We asked the real estate agent to get in touch with them as we would like to discuss the possibility of converting the title to fee simple, prior to the sale. There is fencing in place to indicate property boundaries, it looks like they are not even sharing a driveway. I think the biggest problem would be splitting storm and waste water disposal, cabling, etc.
We don't have any experience with cross lease properties, are they very risky? If we were to leave it as is, would it be hard to sell in the future? Any advice is appreciated.
Thanks!
We've been looking to purchase our first home for a while now and came across this property that ticks most of our boxes. Our main concern is that it's a cross-lease property (1 of 2 houses). The seller considered converting it to fee simple but their solicitor advised them it'd be too complicated, so they never went ahead with it.
The owners of the other property are currently living overseas and renting their house out. We asked the real estate agent to get in touch with them as we would like to discuss the possibility of converting the title to fee simple, prior to the sale. There is fencing in place to indicate property boundaries, it looks like they are not even sharing a driveway. I think the biggest problem would be splitting storm and waste water disposal, cabling, etc.
We don't have any experience with cross lease properties, are they very risky? If we were to leave it as is, would it be hard to sell in the future? Any advice is appreciated.
Thanks!
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