Massionate : is it possible to convert to share of freehold

manuce

Hello,

I am a FTB. Is it possible to convert leasehold Massionate into share of freehold ?

Lets say I buy a ground floor and interest in converting the leasehold to a share of freehold.

However the owner above me isn't interested .

Does it comes with a lot of complication ? or is it rather a swift process?

I have liked some Massionates but they are having 104 years lease and 85 years remaining.

SellMyFlat_2

If it was just you buying the freehold, you would have to buy the whole freehold, for all flats.
104 years is not such a problem, the big exspense comes when the lease gets to under 80years.
Also consider you will need to have owned the property for atleast 2 years before you can buy or extend lease.

ndf9876

manuce wrote: »

Hello,
Lets say I buy a ground floor and interest in converting the leasehold to a share of freehold.

However the owner above me isn't interested .

Does it comes with a lot of complication ? or is it rather a swift process?
.

So my understanding is that the freeholder actually has to want to confer the rights and benefits of the freehold to the leaseholders. If they don't want to do that, you can't go any further.

Others will tell you that this "share of freehold" idea is not actually correct. There is no such thing as a "share of the freehold". The value of the property still lies in the lease, it's just that if you are for example a director of a company that owns the freehold (you and the person above you, for example) then extending your lease and paying "peppercorn rent" come into the equation.

So as far as I am aware, I don't think it is a quick and simple process, you should speak to your solicitor who is doing your conveyancing.

Alter_ego

Done it in the past, all leaseholder jointly bought freehold via a company, each then had 1 share in the company.

G_M

SellMyFlat wrote: »

Also consider you will need to have owned the property for atleast 2 years before you can buy or extend lease.

Not so.

Alease can be extended at any time provided both the leaseholder and freeholder agree.

manuce

Alter,

How did you buy the freehold jointly, I mean to ask did your landlord/or this company also agreed to sell the freehold or you took help from the third party company to be a freeholder.

Thanks for the reply everyone

mart.vader

ndf9876 wrote: »

So my understanding is that the freeholder actually has to want to confer the rights and benefits of the freehold to the leaseholders. If they don't want to do that, you can't go any further.
No, that's incorrect,you may have rights to buy the FH, whether or not the FHer wants to

So as far as I am aware, I don't think it is a quick and simple process, you should speak to your solicitor who is doing your conveyancing.

It's not quick or simple, but it can be worth it

ndf9876

mart.vader wrote: »

It's not quick or simple, but it can be worth it

Thanks for the info - you learn something new every day :money: