Who owns the loft?

Ectophile

blackiel wrote: »

I bought a first floor flat,part of a converted house,16 years ago,i now own the grd floor flat,since feb 2014, first floor 73 years,grd floor 70 years remaining on the lease......Would i be better extending the lease or going for the freehold,and does freehold mean exactly that,that i can do as i want with the property and no more leaseholder,...Many Thanks..

You can't buy the freehold of just one flat in a building. You'd either have to team up with the other leaseholders, or perhaps see if you can afford to buy out the whole of the freehold yourself.

If it's a flat, you can't force the freeholder to sell, only offer them enough money to make it worth their while. However, if they are selling up, then they are supposed to let you know so you can put in an offer.

blackiel

Sorry,what i said was,ive bought the other flat,its a converted two story house,i now own both flats,so am not forcing anyone to buy/sell,...

cattie

Yes it will benefit you to buy the freehold of the property you now own both flats in.

Once you own the freehold, both flats will still be held on a leasehold basis, but as the freeholder, you can grant yourself & the other flat lease extensions when you wish.

As freeholder, you could do what you wanted to the flats as you'd only need to get permission from yourself to make any alterations etc.that were not subject to planning or building control.

Don't forget as freeholder, you'll be liable for arranging buildings insurance for the building & the collection of any service charges if any. Also, when any repairs/maintenance needs doing to the exterior or common parts, this again will be your responsibility to arrange.

As you own both flats, don't forget if you sell one, as a freeholder, you would be the one to benefit from any monies paid to extend the lease of the flat you sold.

blackiel

Thanks very much,Cattie,just what i wanted to hear,no doubt ill have a few more questions as im new to all this,but thanks for your informed reply.