Freeholder repossessed and done a runner?
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Hi my wife and I own 1/3 share of a freehold Victorian conversion house split into 3 flats. We currently rent this out.
The previous owner/occupier of the top floor flat did a runner and his flat was repossessed by his bank and resold leasehold only, apparently he still owns the freehold.
We wish to sell our flat and had an offer last year, but the sale fell through because we were unable to extend our own lease which has 69 years left and we were unable to transfer the freehold to the potential new buyer.
The whole situation seems ridiculously complicated and we are stuck with a property which potentially has a lot of equity in it, but in reality is unsalable, because of the issue with the missing freeholder.
I could really do with some advice.
Thank you
Roger
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