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freehold problems.
rizla01
Posts: 7,260 Forumite
Hi
We recently asked M.A. for permissions to put dropped kerb in to allow easier access to existing allocated parking bay and he came back with 'If permissions are granted then the GR would rise from a very low £25.00 PA to £100.00 PA.' :eek:
Up by 300 %
Is this reasonable and is it allowed? 2 Bed GF flat BTW.
Also, what is required to buy the freehold of both flats (Purpose built in '70s). We have owned the property for about 4 years and upstairs not interested in buying their share.
And approx what cost? Value of flat is about £140.00
Anyone?
We recently asked M.A. for permissions to put dropped kerb in to allow easier access to existing allocated parking bay and he came back with 'If permissions are granted then the GR would rise from a very low £25.00 PA to £100.00 PA.' :eek:
Up by 300 %
Is this reasonable and is it allowed? 2 Bed GF flat BTW.
Also, what is required to buy the freehold of both flats (Purpose built in '70s). We have owned the property for about 4 years and upstairs not interested in buying their share.
And approx what cost? Value of flat is about £140.00
Anyone?
"Unhappiness is not knowing what we want, and killing ourselves to get it."
Post Count: 4,111 Thanked 3,111 Times in 1,111 Posts (Actual figures as they once were))
Women and cats will do as they please, and men and dogs should relax and get used to the idea.
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Comments
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I had a similar problem with my M.A - I asked permission to build a conservatory, and they wanted to charge me £750 for the priviledge! I ended up buying the lease for £1800 which was much better value!
Im sure my solicitor said that the shorter the time left on the lease, the more they will charge you for it, and that after the initial 25 years, they will usually increase the GR substantially. Dont know how true this is
but I know houses where my friend lives are 30 years old and have had the GR increased from £10 pa to £500 pa :eek: Sealed Pot no 2011
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Who owns the freehold?
I lived in a divided house of two falts and we owned the freehold to the downstairs flat and the owners of downstairs owned the freehold to upstairs. That way if there were any problems with the roof or the foundations we were all responsible.
It also protected us all against people building monstrosities either up or downstairs.Debt: 16/04/2007:TOTAL DEBT [strike]£92727.75[/strike] £49395.47:eek: :eek: :eek: £43332.28 repaid 100.77% of £43000 target.MFiT T2: Debt [STRIKE]£52856.59[/STRIKE] £6316.14 £46540.45 repaid 101.17% of £46000 target.2013 Target: completely clear my [STRIKE]£6316.14[/STRIKE] £0 mortgage debt. £6316.14 100% repaid.0 -
The freeholder lives in france.
If poss I want to buy the WHOLE freehold.
Both flats."Unhappiness is not knowing what we want, and killing ourselves to get it."Post Count: 4,111 Thanked 3,111 Times in 1,111 Posts (Actual figures as they once were))Women and cats will do as they please, and men and dogs should relax and get used to the idea.0 -
As far as I'm aware you can only purchase the freehold if both flat owners are willing. This is from what I remember relating to a situation where there are only two flats in the building both parties have to buy the freehold and have a 50/50 share.
I personally think it is well worth purchasing if you can and obviously if your able to convince the other flat owner. No more ground rent and rip off maintenance charges and of course no more worries about a dwindling lease as you can both increase it at the same time with minimal cost.
I personally think all flat owners should have an equal share of the freehold as a right when buying.
Maybe this link will help http://www.leaseholdadvicecentre.co.uk/0 -
The minimum number of flats willing to purchase the freehgold must equal 50% of the building, so the OP is okay to buy both shares as long as the other leaseholder signs to say that they are not interested.
It's impossible to say what the freehold is worth - it depends on so many variables.
https://www.lease-advice.org is the government funded body who will be able to provide advice without any vested interest. They may be able to help with a rough value, though you should try asking the freeholder directly; It won't hurt.Everything that is supposed to be in heaven is already here on earth.
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