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Leasehold and Freehold Purchase

(9 Posts)
notnotnee Mon 03-Nov-14 12:57:02

Hi

I am in considering purchasing a flat which is freehold and leasehold. I have done some research into the potential problems with this and it appears to be quite complex. Can anyone help me understand the pro's and cons with these type of properties.

wingcommandergallic Mon 03-Nov-14 13:00:55

The main problem is if you don't get on with other free holders. Make sure there is some form of agreement of how requests and disputes will be dealt with. Also make sure all parties are clear as to their rights and responsibilities.

Have just sold a leasehold/shared freehold and personally would never approach this situation again....but our neighbours were idiots!

notnotnee Mon 03-Nov-14 13:07:27

Oh really. That's interesting. It does all seem very complex. 4 flats are freehold and the rest are leasehold. Not sure why they do this but just seems very odd and a bit scary really. Maybe I should leave well alone. Love the flat though :-(

Greengrow Wed 05-Nov-14 20:33:42

Do mean that you would buy the share of the freehold of the whole block plus buy a long lease on one flat?

notnotnee Mon 10-Nov-14 12:59:48

Greengrow - If I go ahead with the purchase, the flat comes with a share of the freehold along with 4 other flats in a block of 30 odd. I would also get a lease which has 99 years left but could increase it to 999 years for free as one of the freeholders. ?? Just sounds a little complex.

titchy Mon 10-Nov-14 15:59:11

Sounds quite normal. All leasehold flats have a freeholder who is responsible for the block as a whole, and as such can make decisions about the block you might not be happy with, then bill you for the privilege. At least if you co-own the freehold you get some say in the matter.

You need to get your solicitor to ask if the other freeholders have set themselves up as a management company, whether there are accounts for it, how much they collect off the leaseholders for works and if there's any major works planned. Ask if they meet regularly - they should meet once a year at least, and these meetings should be minuted.

notnotnee Thu 13-Nov-14 10:17:00

Thank you titchy. That is useful..

JessBear123 Fri 14-Nov-14 23:12:48

I would just like to add we sold a leasehold flat a little while ago. Its was a maisonette and it was a nightmare. We will never be doing this a again.

WanttogotoDisney Fri 14-Nov-14 23:23:55

All flats are leasehold. Having a share of the freehold is an added advantage. It's quite normal.

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