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Share of Freehold - Beginners guide?
Comments
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Thanks for all the replies. It seems the setup we have is not unusual but the extra comments and links to more information have been very useful.0
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Thanks for all the replies. It seems the setup we have is not unusual but the extra comments and links to more information have been very useful.
As with most things in life things are not done "by the book" and all is well, until there is problem, shortcomings are exposed, and it becomes expensive and frustrating to resolve.
We have just concluded a case where the residents had to put their freehold company into insolvency.
One owner lost their job due to their companies relocation to the US, and unable to pay SC, challenged their methods, successfully.
It meant that the other 9 would have to make up that payment to keep the company.
They have had to exercise right to manage over their own freehold (!) and let the freehold go to the treasury as it is virtually worthless ( 999 year leases).Stop! 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 -
I am interested in buying a "share of freehold" flat with a block of six flats. I checked Land Registry reports for the flat in question and found out the management company's details who owns the freehold. I checked company details on company house website and the company is dissolved in 2007. The last account submitted was in 2005. All six flats have 999 years lease from 1989.
Is there any legal risk in buying this property while the freehold management company is dissolved in 2007? The Estate Agent says the flat comes with "share of freehold" but the freeholder management company is dissolved almost 5 years ago so how can the flat owners hold "share of freehold" when the company no longer exist? Does this mean these flats are fully leasehold for 999 years with the treasury owning the freehold?
Another twist to this story is that there is a £30/month SC for each flat owner. If the company is dissolved then who is taking care of the collection of money? Hmmm..more questions to ask Estate Agent.Please advise if there is any particular documentation I should be asking to Estate Agent.
Thanks in anticipation of your help.
Regards0 -
Any help please?
Thanks in anticipaiton.
R0 -
Have you spoken to the seller and asked them what the current situation is?0
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