Buying freehold from the Council

eastie_2

I purchased my Council flat from our Council and it was bought as a Leasehold property.


It is 1 of 2 maisonettes which has also been purchased by another person.
This month our Council has offered us to buy the lease for £900,(there is 98 years left on the lease) which seems a very good deal meaning £450 each.
Our building only consists of 2 properties in the block with their own entrances.
Questions I am asking is can we get building insurance for the whole block rather that each property.
and is there a tenplate letter anywhere online to set up a trust for 2 persons on a shared lease?

eddddy

It's normally easier to get insurance for a whole building than for each individual maisonette - so that should not be a problem.

I would pay a solicitor to draw up a deed of trust. If you sign a dodgy/faulty one, you could have problems when you come to sell.

Also bear in mind that you and your neighbour will have to reach agreement on future property repairs, buildings insurance etc. If your neighbour is unreasonable, disinterested, 'penny-pinching' or broke, you might end up having to take legal action against them to get the repairs done.

marksoton

I'd be suspicious of a freehold being sold so cheaply. Especially by a council....

Mossfarr

Marksoton,
you are way of the mark with this one - council leases are not ususally expensive to buy. I've just bought my ex-council house lease for £1000 including their legal fees.

marksoton

Mossfarr wrote: »

Marksoton,
you are way of the mark with this one - council leases are not ususally expensive to buy. I've just bought my ex-council house lease for £1000 including their legal fees.

Fair enough. I can only guess the council want the liability off their books i spose....