Maisonette Flat and buying the full freehold

always_sunny

Lmeola wrote: »

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?

I guess you'd have more control over the property. As I understood it, the freeholder is responsible to ensure the building is kept in good conditions, organises repairs, insurance, etc.
You being the freeholder are deciding that rather than being given a bill to pay.

As 'HouseBuyer77' mentioned, the seller wants to sell it as a combo. Say you bought the maisonette+full freehold and in 5 yrs you decide to move on, you'd want to do the same...

Would you sell only the maisonette or would you wait till you find a buyer who will buy both?

Lmeola

I would want to find a buyer to who will buy both. If we just had the leasehold i think it has 125 years on it I would also be able to extend it to 999 years. In my opinion it just seems a little unfair on us. Firstly by having to purchase it and by having to take full responsibility. I also keep questioning why the leaseholder below does not want a share of the freehold? Its at cost price less than £2k!!

always_sunny

Lmeola wrote: »

I would want to find a buyer to who will buy both. If we just had the leasehold i think it has 125 years on it I would also be able to extend it to 999 years. In my opinion it just seems a little unfair on us. Firstly by having to purchase it and by having to take full responsibility. I also keep questioning why the leaseholder below does not want a share of the freehold? Its at cost price less than £2k!!

The seller is not obliged to sell only one (or the other). They can selectively choose and wait (if they have time and money).

I reckon (for me) buying the share of FH is a no-no cause you'd have to agree on everything with the other FH. I (again, me) would prefer to either be fully responsible or be given a bill to pay.

Unless you're in a very tight market, you can also keep on looking for a LH flat, just the flat.

Lmeola

But isn't that what normally always happens with flats in a house you all have a share of the freehold or just a leasehold? Just haven't came across this sort of situation and I don't know anyone who has so maybe that's why it feels so foreign to me.
I suppose its just your preference if given the opportunity and I guess like you i'd rather be fully responsible or be given a bill to pay. We just need to make that decision.

I cannot thank you enough for all your help.

always_sunny

Lmeola wrote: »

But isn't that what normally always happens with flats in a house you all have a share of the freehold or just a leasehold? Just haven't came across this sort of situation and I don't know anyone who has so maybe that's why it feels so foreign to me.
I suppose its just your preference if given the opportunity and I guess like you i'd rather be fully responsible or be given a bill to pay. We just need to make that decision.

I cannot thank you enough for all your help.

As far as I understand in England/Wales is either:
- Freehold (you own the building/land)
- Leasehold (you 'lease' the right to use the flat for x years)

in your case, as 'HouseBuyer77' also suggests you'd be doing 2 purchases, 1 for the leasehold flat and 1 for the full freehold; even though you would buy them as a combo, they're individual entities.

Because the maisonette is 1 of 2 flats, the freeholder responsibility is fairly contained. Maybe you would want to know more about the other leasehold flat owner and decide then.
If they're difficult, would you want to have them as a leaseholder or neighbour?
Then, once you familiarise yourself with your obligations as a freeholder, decide if it is for you.
Then, think about if you need to sell it, cause you will also would want to sell it as a combo even though you don't have to.

I doubt (though no expert) that you would make any money from being a freeholder, so it's really (to me at least) more about being in control or not. I guess it would not be different than looking after a detached house. I would not know where to start but I could learn!