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Leased properties
Squibbles_2
Posts: 104 Forumite
Would it be possible to turn a leased property into a freehold? If so, how do I go about it?
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Comments
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Is it a house or flat, do you own it? not enough information.0
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we have just done just that. 90 properties and we formed a company and 2/3 are on board. Lots of work for a dedicated few but very worth it. All the info is out there but you actually have to do the footwork as it does not fall into your lap0
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david29dpo wrote: »Is it a house or flat, do you own it? not enough information.
Flat, albeit a house with 3 flats0 -
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Please understand that you can collectively purchase the freehold of the whole building from the present freeholder but that does not make your flats freehold.
It just means that you do not have a separate outside freeholder to bother you but you will each still have separate lease of your own individual flats and there will still have to be some arrangements for maintenance and insurance of the building.
A very clever thing to do is for each of you to buy your own freehold separately so there are now three separate freehold flats. As well the paying the cost of doing this you will be pleased to know that this also has the further effect of:
(a) making all three flats effectively unmortgageable and
(b) reducing the value of each flat by around 30%.
Collectively buy the freehold of the whole building by all means but never ever sever the single freehold into three separate ones.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0
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