I'm looking at buying a property at the moment, but it seems that the freeholder is absent. Having read other threads on this subject, I realise that the general opinion is that it's a lot of hassle and probably a bad idea, but if I were determined to go ahead with it, would it be possible? And what does the process of proving the freeholder is absent and then extending the lease/buying the freehold involve?
I will speak to my solicitor to get more detail on it, but I was hoping someone here would be able to give me a general outline of what's involved before I decide whether I do want to go ahead with it or not.
The property is a two bed flat in south east London, and there are currently 74 years left on the lease. My concern at the moment is that if I were to successfully buy and then have trouble extending the lease, I could then have difficulty selling the property later on, because it's relatively short at the moment.