Freeholders responsibilty

pda

Hi

We have seen a flat that we want to buy, ground floor conversion. The vendors one the freehold to the whole house and the people upstairs pay them £75 ground rent a year. Question is what is the freeholder responsible for? ie, if the roof was to go would we have to pay for it.

I have asked the EA to find out and get back to me as he does not know. Been trying to reading up and getting confused.

Cheers

Doozergirl

The structure and common parts of a building and the land it stands on are owned by the freeholder, who is responsible for the maintenance and repair of the building, BUT the leaseholders are the ones that pay for the work.

So if the building needed a new roof, the freeholder should be responsible for organising the work, but the cost should be split equally between the two flats.

HTH

pda

Thanks..

So are there any pitfalls to look out for?

Doozergirl

Not really. Freehold is better than leasehold. You just want to check that the leaseholder has been paying their contribution to the Buildings Insurance (you have to arrange for the whole building but they pay half) and their Ground Rent.

You could potentially make a bit of extra money from the leaseholder. I wouldn't try ripping them off though but a bit extra for your admin wouldn't go astray when things need doing.

Best to get a full description fromyour solicitor of what being a Freeholder entails to amek sure you understand. I'll see if I can find a link somewhere for you aswell.