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Buying out leasehold interest - how long does it take?

grsta · 2022-02-02 16:58:38

Hi everyone, long time lurker here so apologies if the formatting is off. Currently, I am sale agreed on a property in Cork City since November and the title is Leasehold. There are 55 years left on the lease so the acquisition of the freehold interest is critical for the sale of the property to go through since we will…

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02-02-2022 5:58pm

#1
grsta

Registered Users Posts: 1 ✭

Join Date: February 2022

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Hi everyone, long time lurker here so apologies if the formatting is off.
Currently, I am sale agreed on a property in Cork City since November and the title is Leasehold. There are 55 years left on the lease so the acquisition of the freehold interest is critical for the sale of the property to go through since we will have a mortgage. Our solicitor has said that the vendor's solicitor has been on to the City council regarding purchasing the freehold but I am wondering if anyone here has gone through the same and roughly how long would it take?
I have also noticed on the same street plenty of other houses are Freehold so that is comforting to see that it's possible.

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freehold

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#2 03-02-2022 8:14pm
Sunjava

Registered Users Posts: 237 ✭✭

Join Date: July 2008

Posts: 230

Bumping this as I'm also curious.

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