Shared freehold maisonette advice needed - Pros? Cons?

[FTB2023]

One of the properties that's interested us, is a maisonette with shared freehold. It's a split 3 storey Victorian semi and we're considering the maisonette which is the ground and 1st floors. The other part is a basement flat below.

Does anyone have experience of shared freehold with one other property? We need to be aware of the potential downsides to this type of arrangement both for us living there and also if there are any implications for the future if we're selling.

Our alternative would be a slightly smaller, freehold semi.

What do we need to ask about and what are the potential disadvantages?

Thanks

We live in one at the moment - it’s fine, but definitely make sure that you meet the other freeholder!

Ours is very hands-off - on the one hand it’s fine because she is happy for us to do whatever we want to the house, but on the negative side she doesn’t contribute to renovations. We had our windows replaced and the outside of the house repainted and gutters/soffits replaced. She couldn’t afford to replace hers (fair enough) and didn’t contribute to the joint works. She doesn’t have buildings insurance (can’t get it, too many frivolous claims in the past), so we are paying for a policy to cover the whole house ourself.

We’ve been here for 20 years, and overall happier with this situation than I would be with an anonymous leasehold company managing things.

I can also imagine a situation where the other freeholder might block you from doing things.

So, fine as long as your other freeholder is reasonable, potential for nightmares if they aren’t.

Thanks @Saschka

It can be fine but there’s always the risk - out of your control- that it’s not! With only 2 freeholders it’s totally up to you both how you manage it. I would want to see some sort of commitment to paying into a reserve fund for joint repairs and a shared responsibility for buildings insurance. I live in a share of freehold but there are 7 of us and we appoint an agent to manage and we all communicate to agree instructions to the agent for routine maintenance and pay into a reserve fund for ad hoc work.
That formalises the arrangement which I prefer.
I’d prefer freehold if I had the choice but I’m in a city centre and don’t have the budget for a house!

Thanks @Karmatime
Those are really helpful points to consider.

I would go for the freehold property.

You could be lucky and share freehold with someone organised and understands the implications of owning freehold ie; ensuring buildings insurance is up-to-date, keeping on top of the maintenance and having a contingency fund for paying for works. But you could get someone who is not interested in the upkeep or paying. If you don’t keep on top of the above, you may struggle when you come to sell. A solicitor wouldn’t advise you to buy a property if it isn’t properly managed.

Thanks @pilates