Should we buy a share in the Freehold of an Apartment ?

[Tillyboo]

Thoughts ? Can't decide if it's a good idea or not.
It's my sisters property but we have a monetary interest in it.

The main reason is to reduce extortionate service charges which have so far been £1,400 this year. Not sure what the money has been spent on yet but will find out this weekend !

The Lease is well over the 80yr threshold deemed to be dodgy.
There are 9 other residents wanting to split the cost. Our share would be £5,000 which seems quite high to me ?

Thanks ! Any help or advice would be great

[WytebordMarker]

£5000 for your share of freehold is dirt cheap! Extending the lease to 99yr would cost £20000. Strongly recommend buying the freehold. Not many people are as fortunate as you to have neighbours who are willing to buy the freehold.

[Middleagedmotheroftwo]

Go for it. Leases are the work of the devil.