HELP! Can freeholder access property in an emergency?

JennyW_2

ethank wrote:

Doozergirl. Most mortgage lenders will not lend to leaseholders who are buying a share in the freehold. They will not lend on freehold flats either. Check the Council of Mortgage Lenders Handbook http://www.cml.org.uk/handbook/frontpage.aspx

just out of interest, why don't mortgage companies lend on freehold flats?

Doozergirl

ethank wrote:

Doozergirl. Most mortgage lenders will not lend to leaseholders who are buying a share in the freehold. They will not lend on freehold flats either. Check the Council of Mortgage Lenders Handbook http://www.cml.org.uk/handbook/frontpage.aspx

I assume that's why leaseholders have to create a seperate company which owns the freehold and they then own shares in the company? We would have been happy to pay for set up as we had to set up a new 'management' company ourselves anyway.

Doozergirl

Tassotti wrote:

Can you not put the freehold into an auction and get rid of the hassle?

With 122 years left to run, it wouldn't be worth much at sale unless the person buying it wanted to charge an extortionate service charge.

mummytofour wrote:

If I were u I would hand the freehold over to a managemnet compony, who will charge the fees to the leaseholders and take all the agro away from u!

I've too many morals to want to do that as I'm sure any new management company would take advantage.

The leaseholders will eventually get themselves into gear and take over the running themselves. They've finally paid the last two years and are about to get the next invoice, so that will probably be the motivation for them.