Buy Your Freehold - guide discussion

MSE_Jenny

Hi all, we've written a new Buy The Freehold guide to help you buy your freehold or get the right to manage.

How did you find the info? If you've done it, how did it go and do you have any other tips you'd add? How much value do you think it added to your property?

Thanks for your help!

MSE Jenny

podski111

When i moved into my leasehold flat the freeholders lived in Australia.
At some unknown point a few years later, i noticed the ground rent notice showed the freehold now belonged to the wife of one of the managing agents for the block.
I queried this and they advised that it had been left in a will to the wife of the managing agent. They took great offence when i suggested that there was some underhand activity had taken place and suggested court action for my slanderous unfounded accusation.
I just found it immensely unlikey that the three names previously on the freehold would have left the freehold in a will to the wife of the then mananging agents for the block without some back hand action. What are the chances that they were chosen at some point to manage the block then a wife of the partner should be left the freehold in a will? Or am I just too cynical?!
My question therfore is, can I get someone to investigate the change of freeholders as at no point as leaseholders were we offered the chance to purchase the freehold for the block.
There are ten flats in the block and I believe we could have sourced greater than 50 % interest in the purchase.
These same people want in excess of £13000 to increase the lease by only as many years as will match the level of the first person that paid for lease renewal...i.e £13000 for approx 30 years increase. Does this sum sound excessive for a property worth only £125000?
Sorry if I am being a bit question heavy!!

property.advert

Buy freeholds when interest rates are high and watch values rise as interest rates fall.

mouldylocks

My flat is one of two in a house conversion. I bought the freehold when I bought the flat - the other flat owner wasn't interested.
Does the freehold have any real value, apart from the notional 1% when selling? I pay my own buildings insurance - should I be covering the upstairs flat too? Does the upstairs flat lease from me?
Thanks for any advice

SKPatel

mouldylocks wrote: »

My flat is one of two in a house conversion. I bought the freehold when I bought the flat - the other flat owner wasn't interested.
Does the freehold have any real value, apart from the notional 1% when selling? I pay my own buildings insurance - should I be covering the upstairs flat too? Does the upstairs flat lease from me?
Thanks for any advice

Hi, whether the freehold has any value depends on the length of your lease and your neighbour's lease. As to buildings insurance, you should check both leases (although both maybe be similar if not the same) to find out your obligations as the landlord or 'lessor'. You may also be entitled to ground rent from your neighbour as well as other contributions so its important you read the lease.

mart.vader

podski111 wrote: »

I queried this and they advised that it had been left in a will to the wife of the managing agent. They took great offence when i suggested that there was some underhand activity had taken place and suggested court action for my slanderous unfounded accusation.

I am not legally up-to-date with the other aspects of your question, but, if you just put your allegations to them, and did not publish in, say, a newspaper, magazine or blog, it's definitely NOT slanderous, libellous or even defamatory. There can be no court action.

moneyuser

What's the difference between a leasehold flat and house? Does this article still apply for a leasehold house?

I've been looking at a house which is on a nice estate but I'm put off due to it being leasehold. Haven't come across a leasehold house in this area before.

MoneyMagic01273

Wonder if someone can help:

I live in a building that contains 3 converted flats (converted long ago). The owner of one of the flats apparently owns the freehold for the whole building.

In this case I don't want to buy the entire freehold off him but am interested in whether I can buy a share of the freehold - and what process would I have to follow to do this.

Do I have any rights in the case where I only want to purchase a 50% share of the freehold (assuming the other flat is not interested in purchasing a share)?

Everything I read always talks primarily where you and the other leaseholders want to purchase the freehold wholey from the current freeholder but not sure about my situation...

MSE_Jenny

moneyuser wrote: »

What's the difference between a leasehold flat and house? Does this article still apply for a leasehold house?

I've been looking at house which is on a nice estate but I'm put off due to it being leasehold. Haven't come across a leasehold housse in this area before.

Hi moneyuser,

Leasehold houses are rare and the legislation is tricky, so seek advice from a solicitor with experience in the area. See the Leasehold Advisory Service's full guide to buying your house's freehold.

SKPatel

Different rules for extending leases and acquiring the freehold apply to leasehold houses. I would suggest you ask to see a copy of the lease and check your obligations and those of your landlord. Some house leases are quite short compared to flat leases and your obligations may relate mainly to contributing to the upkeep of the estate etc. The other thing to check is the term of the lease and what ground rent and service charges are payable.

mouldylocks

SKPatel wrote: »

Hi, whether the freehold has any value depends on the length of your lease and your neighbour's lease. As to buildings insurance, you should check both leases (although both maybe be similar if not the same) to find out your obligations as the landlord or 'lessor'. You may also be entitled to ground rent from your neighbour as well as other contributions so its important you read the lease.

Thank you, Sajel, for taking the trouble to advise me.
Can you advise on how I would check my neighbour's lease? Would I have to contact her (she lets out her flat) and ask to see it?