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Buying Share of Freehold
Kerrypolka
Posts: 58 Forumite
My husband and I are currently looking to buy a leasehold flat in a building (converted house) with three flats, with the freehold owned by the residents of the top flat.
Ideally we'd like to buy a share of freehold for the flat. How should we go about negotiating this? If we aren't able to buy a share of freehold, we would offer much less as the property would be worth less to us.
We've also been trying to get a look at the lease, but the estate agent has said this won't be possible for a few weeks as the sellers are on holiday in America. I am a bit annoyed as obviously the terms of the lease will affect how much we offer as well, but presumably if the seller is out of contact they won't be responding to offers either, so I suppose we have time.
Ideally we'd like to buy a share of freehold for the flat. How should we go about negotiating this? If we aren't able to buy a share of freehold, we would offer much less as the property would be worth less to us.
We've also been trying to get a look at the lease, but the estate agent has said this won't be possible for a few weeks as the sellers are on holiday in America. I am a bit annoyed as obviously the terms of the lease will affect how much we offer as well, but presumably if the seller is out of contact they won't be responding to offers either, so I suppose we have time.
Since March 2012:
Paid off: $3,985.80
Owe: $16,230.44
I attempt to clear all my debts by my 30th birthday at frugalcitygirl.com!
Paid off: $3,985.80
Owe: $16,230.44
I attempt to clear all my debts by my 30th birthday at frugalcitygirl.com!
0
Comments
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Pretty standard for the lease not to be available until your solicitor gets a copy from the seller's solicitor.
Only way you can compel the freeholder to part with freehold is to get together with the other lessee to "collectively enfranchise". Other lessee may not be interested.
Why should freeholder lose control by agreeing to share the freehold with you if he doesn't have to?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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