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Share of freehold
natwill_3
Posts: 271 Forumite
I am buying a flat with leasehold plus sof...does this mean as each flat owns a share of freehold they just grant themselves very long leases ie 999 years...or if less they can just renew when they need to ie if its 99 years renewal would cost nothing and just be paperwork?
Sorry if this is a dumb question
Sorry if this is a dumb question
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Comments
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When flat owners buy their freehold they do it collectively as a company. Each flat owns an equal share in the company rather than the freehold.
The company issues long leases to each flat of eg.999 years. This lease provides each flat with the legal right of support and protection from the other flats, which wouldn't occur if each flat simply owned their own freehold.Everything that is supposed to be in heaven is already here on earth.
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