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Buying freehold when owning all leases on a building
ET1976
Posts: 315 Forumite
I own half a converted house and have the opportunity to buy the other half, which would make me the owner of both the leases on the building. I would only be interested in doing this if I were also able to buy the freehold of the building (potentially to convert back into a house - minimal structural work required - but initially to give me control of maintenance). The other 3 houses in the terrace are freehold and in their original unconverted state.
I have had a look on the LEASE site and can't find anything specifically relating to this situation (nor anything prohibiting it), so just wondering if anyone has experience of this, whether there would be any particular pitfalls, or if it would just be a normal case of both leaseholders participating except they both happen to be me?
Thanks for any advice.
I have had a look on the LEASE site and can't find anything specifically relating to this situation (nor anything prohibiting it), so just wondering if anyone has experience of this, whether there would be any particular pitfalls, or if it would just be a normal case of both leaseholders participating except they both happen to be me?
Thanks for any advice.
0
Comments
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I had a similar one to this - a friend of mine bought both flats in a converted terrace house, leasehold. For some reason (and this is going back a few years) there was a reason he either didn't want to, or couldn't put the freehold in his name at the same time, so we put it in mine (for no cost).
A year or so later we transferred the freehold into his name as well and the whole ensemble has since been sold to a developer who intends putting it back as one house.
I'm sure someone else will know more than me, but I think the bottom line is it can be done.
M0
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