Confused! Share of freehold flat - downloaded both

sterl1ng

....leasehold and freehold title register and it seems that the vendor is on both of them with no other name aside from upstairs flat owner on the freehold titles. So what does this mean then as I thought no such thing as share of freehold and only leasehold really but the documents depict freeholder and leaseholder the same! Its a converted house of two flats.

I feel like I've opened pandora's box here!!!!:eek:

bouicca21

It's easy. Your vendor owns a lease. He/she also owns the freehold jointly with ANother. You need to look at the lease to see exactly what the arrangements are. Your responsibilities as a freeholder are separate to those you have as a leaseholder.

sterl1ng

Hopefully I'll have better understanding of lease once I get that in a week or so time but I'm very confused as I thought there would be an ultimate freeholder to answer to. When I asked the EA last week as to freeholder mgt company she said the vendor didn't have one.

Its all a new language to me! Let's hope the lease is easy to understand!!!

RAS

sterl1ng wrote: »

Hopefully I'll have better understanding of lease once I get that in a week or so time but I'm very confused as I thought there would be an ultimate freeholder to answer to. When I asked the EA last week as to freeholder mgt company she said the vendor didn't have one.

Its all a new language to me! Let's hope the lease is easy to understand!!!

What you need to think of is that you are buying two sets of rights and responsibilities. and if you purchase will have two hats.

There is no management company because you jointly own the freehold which may be a good or a bad thing. You need to get details of the freehold arrangments.

Is there any sort of management fund and if so how much is in it? What is the annual or monthly payment into the fund? What are the rules?

Or is the seller getting out because the roof needs replacing and the other freeholder refuses or cannot pay half the cost?

sterl1ng

Well apparently there is no sinking fund but I did sent a few questions to EA to ask vendor as to how communal area costs are shared as the roof issue did pop up n survey.

Jenniefour

RAS wrote: »

What you need to think of is that you are buying two sets of rights and responsibilities. and if you purchase will have two hats.

There is no management company because you jointly own the freehold which may be a good or a bad thing. You need to get details of the freehold arrangments.

Is there any sort of management fund and if so how much is in it? What is the annual or monthly payment into the fund? What are the rules?

Or is the seller getting out because the roof needs replacing and the other freeholder refuses or cannot pay half the cost?

And if the above might be the case concerning roof repairs then you need to talk to your solicitor about how to get something in place before exchange - and for future repair costs as well so you don't find yourself buying a financial liability if you're the only one with money to get any needed repairs done. Let solicitor advise after he/she has had a good look at the lease.

sterl1ng

This is very useful thanks, I'll be sure to let solicitor know once instructed.

sterl1ng

FYI-upstair flat is also selling and has found buyer.

propertyman

have a look at my what to do post in the sticky at the start of the house buying forum. Ideally the freehold title would be in the name of vendor plus upstairs flat, with one lease for each flat, as it is that which sets out responsibilities of each flat owner to each other and the freeholder. If there is no other lease, when things need doing what do you have to point to or enforce when next door say "no"?........