Share of Freehold not mentioned in the contract

[jbalciunas]

Hi,

I was told that the share of freehold is managed by a company and I should become a member of it when I buy a leasehold in the building. Also a share certificate will be sent at exchange.

I am concerned that there is no mention of the share of freehold in the contract nor TR1 form.

Is this normal or should this be added to the contract?

Thank you
Justas

It's really a question for your solicitor but.......... if it's a new-build, there should be something in the contract about that. If it's not new-build then there might be something in the contract about the seller handing over a signed stock transfer form and the current share certificate. HTH.

I'd be very wary of buying leasehold at the moment. Join the national Leasehold campaign (nlc) group on Facebook, they've got lots of clued up people.

Yes, it's normal. You are buying a leasehold property and the contract and transfer represent this leasehold title only. You are not buying a share of the title to the freehold. You are buying one share in the management company who either owns the freehold title or who are acting on behalf of the freeholder.