Lease extension versus buying share of freehold.

[Annietheacrobat]

I own a leasehold flat in a Victorian conversion. I have stupidly let the lease fall below the magic 80 years and so need to extend lease ASAP. There is only one other property in the building and the owner is the freeholder of the building

Have been researching the process and several websites have suggested that the cost of buying my share of the freehold would be not much more than simply extending the lease (which I know is going to be 7.5k upwards).

Does anyone know if I have the right to buy the freehold or does that only apply when you are in larger properties with multiple flats. Would it be a massive disadvantage to the woman upstairs to sell me a share in the freehold?

Finally would it be best to approach her directly about this or only initiate contact through solicitors? We are on reasonable terms (though she is non resident).

Anyone?

We were involved in buying a share of a freehold a while ago, but there were 7 of us involved. It was a legal nightmare, and would have been much easier to have extended the lease, as we had to form a limited company to manage the freehold, and then had corporate responsibilities - which most were happy to ignore. It wasn't the simple solution it seemed to be. The main advantage was that we could choose our own builders if the roof fell off/negotiate with insurance companies etc for better deals on buildings insurance, but these did not seem to be worth it in the end.

I do remember there being some question of there being different rules when there were a certain number of residents, but can't remember the details, sorry.

Hopefully someone else will be along to add their pennys worth

I suggest you contact the Leasehold Advisory Service. They have a helpline 020 7832 2500 for England, 02920 782 222 for Wales.

Thanks both. Will contact LAS.

To buy out the freehold all the flat owners get together and buy out the landlord. As the only other flat owner is the landlord, i would not expect him/her to agree to this! You are going to be left with the extending the lease option.