What to be aware of when buying share of freehold?

richardw

propertyman wrote: »

...No doubt theyhave put in the market regardless of lease length and your purchase price is higher than it should be.

The EA will have seen to that!

Richard_Webster

Unless there are formal agreements in place about lease extensions (which in most such cases is unlikely) the attitudes of the other co-freeholders are vitally important.

Scenario should be:

1. You ask seller to get lease extended because "you are shared freeholders so it will be easy for you to do...." (I know this isn't necessarily the case but here you need to adopt a deliberately naive attitude to flush out the seller....)

2. Seller either agrees or says that as its easy you can do it. At this point be very wary. Get him to prove it is easy - also go and talk to the other co-freeholders and find out their attitude.

3. If seller simply asserts it is easy and provides no evidence then you must suspect it isn't easy. Point out what others have already said in this thread - that you could be asked for the full market premium by others who need the money.

4. If you get no sensible answers, walk away.

Fraise

propertyman wrote: »

Nonsense fraise the leases have to be in a similar form and address the specific rights and repsonsbilities at the building, on a common basis.

Along with your other thread I think you need to forget a lot that you think you have learned or more likely, made up

You're correct in that the lease must address the responsibilities of the building, but the lease for his own flat is his alone.

I haven't made that up, I've been told by a qualified solicitor. Are you a solicitor
?

propertyman

Then you have misunderstood or he/she is wrong in what they have said.

The lease cannot be his alone as there are two parties to it, grantor and grantee.

The freeholder/landlord, as do directors to their company and shareholders or members, has obligations and rights and responsiblities to all the lesses in the building.

What you suggest in your post is that they can do whatever they like in the lease which is patent nonsense.

Take common sense example 5 leaseholders all shareholders in a company and appointed as directors. They all write their own leases- c'mon

I hold graduate and post graduate qualifications and 3 professional qualifications, specialising in this area, much of which involves showing solicitors where they are wrong or being paid by them to advise them