Purchasing Leasehold when Freehold owned by crown

Twist2

Hi,

Just looking for some advice.

I've the opportunity to buy the leasehold for a flat where the freehold is owned by the crown (company has gone bankrupt and crown took ownership)

Is it possible to buy the leasehold? Before I get solicitors looking at this just want to know if it's possible.

There's no communal areas.

Thanks

G_M

Of course.

A lease can be bought/sold whether the freehol is owned by Jo Bloggs, ABC Ltd, Micky Mouse, or the Crown.

The same processes are followed.

eddddy

... but in practice, it can be messy.

Is there a management company?

The seller will probably be unable to get any kind of management pack. So you might have no idea about whether the block is insured; service charge and ground rent arrears; unauthorised alterations to the flat etc.

Plus it may be that nobody is charged with undertaking the freeholder's responsibilities. (e.g. communal mains water pipe bursts, communal drain blocks)


If it were me, I would make a low offer to reflect the risk, uncertainty and hassle (including the increased risk that the purchase falls through).

But if you're risk averse (or hassle averse) you might prefer to walk away.

And have a look at this: https://www.gov.uk/guidance/apply-to-buy-your-freehold-reversion-bvc4#leasehold-reversions