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freehold to leasehold

I live in a converted house which is divided into 2 flats. Each flat has a seperate freehold. It has been agreed that we combine the freeholds and then set up 2 leases which will make them easier to sell. How do I go about doing this and will it be expensive

Comments

  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    You need to get a solicior to draw up the leases, and then arrange registration of the new Freehold & leases with the Land Registry.

    Pop into 3 local High street solicitors and ask for quotes.

    Do not waste time approaching online conveyancers!
  • Is it a easy process?
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Depends what you mean by easy!

    To do yourself? No.

    To get a solicitor to do? Yes, it is 1,2,3! He

    1) draws up a legal document (lease)
    2) prepares Land Registry registration forms and gets all your signatures
    3) registers with the LR

    Oh, and pays the LR and send you a bill.

    Oops! If any of you have mortgages it will be more complex, as the mortgage lenders will need to agree too........
  • If you have mortgages and if the mortgage are significant then possibly you could be crystallising a SDLT charge too, I believe
  • I do have a mortgage. The buyer will also need a mortgage which is why it needs to be turned into leasehold as he cannot get a mortgage on a freehold flat
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