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owning a freehold - advice needed
emg
Posts: 1,390 Forumite
My purchase fell through just before christmas. Tomorrow I am looking at a flat that is on with the same estate agents, it's part of a chain that just collapsed, everyone is keen to move asap and the EA hints that the seller would consider a low offer. The EA's incentive is obviously to mend the chain quickly and also to keep me as a purchaser as they will get some commission (I was using solicitors recommended by them who are 'no sale no fee' - they are not yet aware that i do not plan to use these solicitors again!)
A quick scout round the net shows that the flat was last purchased in Nov 2005 for £75,000, it's now on at £110,000. The EA says the chain had been in place for about 4-5 months. He also says the flat is all new inside (so Im guessing a developer bought it and is now trying to sell it on?). I had a drive-by, it's a bit scruffy on the outside, only half the windows replaced, etc so I'm guessing it's a bit of a cosmetic makeover rather than serious developer.
The EA also tells me that this flat comes with the Freehold for the whole building (it's a strange kind of extended end of terrace/on it's own corner building, hard to tell how it is divided, I'm guessing that there are either 3 or 4 flats in the building). Despite the leasehold stuff being the stumbling block in the previous purchase I am unsure about being a Freeholder. I dont really know what responsibilities it entails, any ideas of the advantages or disadvantages? What sort of questions should I ask tomorrow?
A quick scout round the net shows that the flat was last purchased in Nov 2005 for £75,000, it's now on at £110,000. The EA says the chain had been in place for about 4-5 months. He also says the flat is all new inside (so Im guessing a developer bought it and is now trying to sell it on?). I had a drive-by, it's a bit scruffy on the outside, only half the windows replaced, etc so I'm guessing it's a bit of a cosmetic makeover rather than serious developer.
The EA also tells me that this flat comes with the Freehold for the whole building (it's a strange kind of extended end of terrace/on it's own corner building, hard to tell how it is divided, I'm guessing that there are either 3 or 4 flats in the building). Despite the leasehold stuff being the stumbling block in the previous purchase I am unsure about being a Freeholder. I dont really know what responsibilities it entails, any ideas of the advantages or disadvantages? What sort of questions should I ask tomorrow?
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Comments
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Annualised house price inflation of 37%? Someone, somewhere is having a laugh.I can spell - but I can't type0
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probably the people who bought 18 months ago, this does seem the pattern in my area though. A couple of years ago 1 bed flats were on the market for around £80000 now they are all on for £110-115000. I expect they wont take less than £100000 either...but about the freehold? any thoughts?0
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This site will tell you all you want to know - and more -
about the structure of freehold and leasehold.
https://www.lease-advice.org.uk
After you read that, you should have a few ideas about what information you need to seek about the building, starting with the latest set of service charge and ground rent accounts, and a sample of the lease.
Being a freeholder can become a small business,depending on the way the leases are written, and the length of the leases in particular.Trying to keep it simple...0
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