This seems wrong?

natwill_3

I am buying a flat with a share of freehold, just been told that it has 86 years left on the lease? I thought sof flats granted themselves very long leases?

Robert_Sterling

Yes it does seem wrong.

natwill_3

O dear..just had it surveyed, estate agent assured me it was share of freehold...if its not then I am not going to be happy

Miss_Penny_Pincher_2

I would have thought if it was freehold that there shouldn't be a length of lease as it will permanently belong to all the freeholders? Did it say the length lease on the survey? They are not always correct as my surveyors seemed to estimate the length of lease.

natwill_3

yes on the survey it said 86 years unexpired..one of the reasons i am moving is i want share of freehold...usually sof I think you grant yourselves very long leases eg 999 years or something so it struck me as odd

Hopefully surveyor got it wrong or else the EA is a scumbag and I will be pulling out:mad:

SamC_4

In my last flat when we bought the shared freehold we kept the same leases that we had with the original freeholder. As I recall this was to save legal costs as there were 39 leases and they all had 80+ years to run. The agreement was that they would be extended by the freehold company, which was owned by the shared freeholders, as required. So there may be a similar arrangement in place with this shared freehold.

zain

natwill wrote:

I am buying a flat with a share of freehold, just been told that it has 86 years left on the lease? I thought sof flats granted themselves very long leases?

Don't know the answer to your question, but out of interest are you finding any problems with mortgage companies and the share of freehold issue?

itsakidsworld

It sounds pretty straightforward.

The owners of the flats each have a share of the freehold and the flat you are buying comes with its own share.

So when it expires, it just gets renewed for a term and peppercorn rent agreed by all parties who have a share of the freehold.

As you are been offered a share of the freehold, it cannot be owned by an individual company so it sounds like you have nothing to worry about.

natwill_3

Thanks for your replies...I may be over reacting as I thought that sof freehold flats had longer leases...I will check that it is def sof 2moro...

No problem with mortgage as long as its lease plus sof

Miss_Penny_Pincher_2

good luck natwill! Let us know how you get on x

natwill_3

I was being paranoid, even an EA wouldn't lie about a flat having sof!!!

Prob just means all flats kept original lease and will renew as and when