Individual flat freeholds: what should I be aware of?

Moonraker71

Thanks Richard, Holly and Land Registry dude

EA was on the phone at 9am this morning wanting feedback and I told them that I won't be proceeding for all the reasons discussed here. Amazingly the flat is about £20k overpriced too, in my opinion - you'd think it would be realistically priced bearing in mind this huge stumbling block.

As Richard and Holly have pointed out, it seems to me that the current vendors should be the ones to sort out and set up any alternative tenure. Unless they find a willing cash buyer, I can't see any other potential buyer being prepared to fork out expense and time for setting up management co.s with all the associated aggro of dealing with the other freeholder.

Amazing what you can learn in a weekend from these boards and a bit of googling though!

Have a couple of more standard leasehold/share of freehold places lined up to view this week. Hopefully will have more luck there.

Thanks again to everyone who helped me understand this unusual situation.

holly_hobby

No probs Moonie glad to have helped ....

All things happen for a reason, and my guess is your dream pad is just around the corner eagerly awaiting you .... x

Good luck

H x