Maisonette Flat and buying the full freehold

always_sunny

Lmeola wrote: »

Yes, except the vendor doesn't want to keep the freehold - but why should we be obliged to purchase the full freehold if the downstairs flat refuses.

I guess as 'HouseBuyer77' suggested, the vendor wouldn't want to retain ownership of the freehold if not living there... sounds an extra responsibility not worth much. So they can put that condition and sell the lot...

Lmeola

we're still a little confused on what to do....

HouseBuyer77

Whats OP? (sorry very new to this)

Original Poster - you

Yes, except the vendor doesn't want to keep the freehold - but why should we be obliged to purchase the full freehold if the downstairs flat refuses.

You are not obligated to purchase the freehold, but the vendor isn't obligated to sell you just the leasehold. If their terms are both leasehold and freehold or nothing then those are their terms. They're also very reasonable.

Really you wouldn't want the vendor to continue owning the freehold. Chances are they'd want no or as few dealings with the building as possible which could be very annoying further down the line.

Lmeola

always_sunny wrote: »

I guess as 'HouseBuyer77' suggested, the vendor wouldn't want to retain ownership of the freehold if not living there... sounds an extra responsibility not worth much. So they can put that condition and sell the lot...

I guess so, but when they advertised the property it has always been 'leasehold with a share of the freehold'. Again if downstairs refused why should we have to take on the full responsibility that comes with owning the freehold.

Thank you for all your help.

always_sunny

I thought that share of freehold is defo a no-no cause it's a pain to mortgage?
So either you'd get the whole freehold or nothing (just the leasehold flat)...

Lmeola

So basically we have to wait and see what the conditions are?

always_sunny

Lmeola wrote: »

we're still a little confused on what to do....

I suppose you have 3 options:
A) buy the flat as a leasehold only
buy the flat as a leasehold + Full freehold (you are the freeholder)
C) Find another property

Option A) is pretty straightforward, same as any other LH flats.
Option do you know about freeholder responsibilities?

Lmeola

Ok, thanks that makes it clear for me. So i couldn't buy the leasehold with a share of the freehold (vendor keeping the other half) sorry if Im repeating myself.

I guess i don't know much about the freeholders responsibility and will have to do some research on what is required. At the moment I just don't see any benefits! It will also cost us an extra £2k for the full freehold, added responsibility and what do we get in return - hardly anything?

HouseBuyer77

So i couldn't buy the leasehold with a share of the freehold (vendor keeping the other half) sorry if Im repeating myself.

You certainly could. But the vendor would also have to agree, which seems unlikely.

It's also not a good setup. As half freeholder you'll need agreement from the other half freeholder to do various things. As they'll no longer living there they may be disinterested or you might not even be able to track them down.

Lmeola

hmmmm.. okay! I see your point.