Share of Freehold

Yasmin02

Hi

I have had the full asking price accepted on a flat in Seven kings. HOwever, i was wondering if anyone could let me know how a share of freehold works as i am not to sure! From talking to the owners they just share any repair/damage to the properyt between themseleves! Is this normal?

Thanks very much

Yasmin

cattie

How many flats are there all together? If it's a 2 or 3 flat conversion building then it would be normal to just share the costs of repairs & mainantance work, but if it's a block then the leaseholder's will normally form a management company to manage the block, arrange repairs etc. & collect service charges & ground rent. They also draw up the individual leases for each flat.

These people offer great advice regarding issues involved in owning leasehold property. http://www.lease-advice.org/newintro.htm

Yasmin02

Its a one bed flat in a victoria conversatio so in total there are two flats in the bloack. So how do we reach this agreement then?

Yasmin

charley1965

This will all be set out in your leases. Refer to them for the maintenance split, sounds like it's 50/50 which is normal. For instance, just because you own the ground floor flat, it doesn't mean that you don't contribute for roof repairs and maintenance. But again, check your individual leases to be sure. You can download these from Land registry online for £3.

Yes it's completely normal and much more preferable to have the SOF in my opinion. I own a share of freehold conversion flat too! No ground rent, no costly lease extensions and no landlord to answer to.

Can only endorse what Cattie has said regarding Lease Advice, they are so helpful! Give them a ring and they will explain the pros and cons of SOF to you.

pigeonpie

Great thing about SOF with just 2 flats is that you can never be outvoted! Although you may need to try to get on well with your neighbours. I'm not sure what happens if you reach gridlock on something when you each have 50% but Lease Advice should help you on that one.