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Leasehold and freehold
Tembo_2
Posts: 19 Forumite
I am buying a ground floor flat, which is part of a Victorian house conversion.
The agent has told me I have 98 years on the lease, but that I will also own part of the freehold and need to pay £260 a year in maintenance.
I HAVE NO IDEA WHAT THE HELL THIS ALL MEANS!
And I don’t know how to find out. Will I be liable for a new roof, or drains, or everything?
Who do I ask?
The agent has told me I have 98 years on the lease, but that I will also own part of the freehold and need to pay £260 a year in maintenance.
I HAVE NO IDEA WHAT THE HELL THIS ALL MEANS!
And I don’t know how to find out. Will I be liable for a new roof, or drains, or everything?
Who do I ask?
0
Comments
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You Ask A solicitor to look at the lease!Any posts by myself are my opinion ONLY. They should never be taken as correct or factual without confirmation from a legal professional. All information is given without prejudice or liability.0
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Your lease is how you own the flat itself and it describes your obligations to contribute to the upkeep of the rest of the building which is not part of another flats lease. Commonly it is the exterior structure common parts drains etc.
Think of it as cupboard; you have bought a shelf and pay along with the other shelves to looking after the door and sides.
Under english law properties are owned freehold which implies that you own everything above and below( with of course obvious exceptions) but that means that to have homes on top of another such as flats they need a different form of title, leaseholds.
In this case you own your flat as a lease, as do the other flat owners, but as a group own the freehold either personally, or have a share in a company that does.
This is useful guide. http://www.lease-advice.org/publications/documents/document.asp?item=7Stop! Think. Read the small print. Trust nothing and assume that it is your responsibility. That way it rarely goes wrong.
Actively hunting down the person who invented the imaginary tenure, "share freehold"; if you can show me one I will produce my daughter's unicorn0
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