Freehold and leasehold - advice please

[dylexicdementor11]

Hello,
DH and I are finally looking to buy our first property and we’ve fallen in love with a freehold apartment.

There are three leasehold apartments in the building with 90 years remaining on their leases. if we bought the apartment we’d own the freehold to all of the apartments in the building.
The freehold is currently owned by a company that has not maintained the building very well.

I feel out of my depth and would really appreciate some advice. I’m from an EU country that does not have leaseholds so this is all new to me.
Is there anything in particular we should be asking at this stage? What would happen to the leaseholds if the owners do not extend their leases? Any tips would be greatly appreciated!
Thanks.

You need a specialist solicitor.

It’s not as rosey as it seems. You will be responsible for managing and maintaining the building as well as any communal areas but the level of contribution toward sit is determined by individual leasehold agreements between you as a freeholder and each of the flats held on leasehold. You need to see all of them before committing to anything and also show them to a solicitor that specialises in leasehold. Because you might end up in a situation where you have to pay up front for expensive repairs.

Also, it might not be a straightforward residential mortgage as you will in effect be also a landlord.

Here is a good write up

www.freehold-sale.co.uk/resources/freeholder-responsibilities/buying-a-freehold/

Wonderful- thank you. The article was very helpful.

We will obviously hire a good solicitor if we decide to proceed.
Posting a query on mumsnet is an opportunity to receive informal and free advice. 😊

I don't know for sure but that sounds like a reasonable request to make.

Yes Land Registry will hold copies of the original leases which will contain the covenants. The dates of the leases and parties will also be noted on the freehold title (C) register as a schedule.
You could order a copy of this freehold register for £3.00 and a plan for another £3.00.

www.gov.uk/search-property-information-land-registry

Brilliant, thanks so much. I appreciate the help.