Freehold on flat

1st_time_buyer_needs_help

Hi, can someone kindly advise wether I'm about to do the right thing, I will viewing a flat advertised as Freehold, there is 6 flats in the block all of which are freehold, the flat I'm viewing is top/2nd floor, agents says that there is no maintenance agreement in place but residents are looking at this, this will be a cash transaction. ANY PROS / CONS ?, I like the idea of owning & not leasing.... Thanks.

HereBeDragons_2

1st_time_buyer_needs_help wrote: »

Hi, can someone kindly advise wether I'm about to do the right thing, I will viewing a flat advertised as Freehold, there is 6 flats in the block all of which are freehold, the flat I'm viewing is top/2nd floor, agents says that there is no maintenance agreement in place but residents are looking at this, this will be a cash transaction. ANY PROS / CONS ?, I like the idea of owning & not leasing.... Thanks.

I have just been looking into this myself, as I was thinking of making an appt to view a flat (a Victorian house converted into 2 flats) which the estate agent swears is freehold. It transpires this is unlikely, but asking them for clarification is an exercise in frustration, as they have no idea why I'm querying it. If it really is a freehold flat it's pretty much unmortgageable, which is out of the question for me - though as you state yours would be a cash sale it seems you may already be aware of that.

This MSE thread was very useful for helping me understand the whole leasehold/freehold/commonhold area, and it contains some good links: https://forums.moneysavingexpert.com/discussion/4917957

You may be better posting your question on the House Buying/Selling thread..

ACG

Pros the property will be much cheaper.
Cons you will struggle to sell, raise a mortgage, have difficulties getting maintenance sorted unless all owners are in agreement.