Buying share of Freehold

czechmate_2

Myself and the other leaseholders of a block of 4 maisonettes are keen to purchase a share of the freeholds of our properties which are on 900 year plus leases. We understand that the cost will be about 1% of the market value of the house. and that we have the right to purchase these freeholds. The firm that own them are notorious for time wasting procrastination and avoidance. So if anyone has experience of this process and can helppoint in the direction of a good firm of solicitors that specialise or any tips on how to go about it with the least pain. then please help.

Thanks.

G_M

http://www.lease-advice.org/advice-guide/the-right-to-buy/

eddddy

Actually.... that's the wrong link.

Try these two:
http://www.lease-advice.org/faq/how-can-i-buy-the-freehold-of-my-building/
http://www.lease-advice.org/advice-guide/collective-enfranchisement-getting-started/

Retro82

Firstly I would check if you would be literally buying a share of the freehold, or setting up a Ltd company that owns the freehold and in which you all have shares. I think 6 flats is the threshold so you'll probably be doing the former.

From my experience, they should give you a price for the freehold. If you're not happy with that (or even if you are) I'd advise you to get an independent survey too (they may be able to assist in establishing maintenance, cyclical works etc.)

I'd also strongly suggest that you talk amongst yourselves before purchasing and establish everyone's vision, roles, responsibiltities etc.

G_M

eddddy wrote: »

Actually.... that's the wrong link.

Try these two:
http://www.lease-advice.org/faq/how-can-i-buy-the-freehold-of-my-building/
http://www.lease-advice.org/advice-guide/collective-enfranchisement-getting-started/

ooops - yes. Did a quick search and din't read the result properly.

Thanks edddy.....

lewishardwick

Retro82 wrote: »

Firstly I would check if you would be literally buying a share of the freehold, or setting up a Ltd company that owns the freehold and in which you all have shares. I think 6 flats is the threshold so you'll probably be doing the former.

From my experience, they should give you a price for the freehold. If you're not happy with that (or even if you are) I'd advise you to get an independent survey too (they may be able to assist in establishing maintenance, cyclical works etc.)

I'd also strongly suggest that you talk amongst yourselves before purchasing and establish everyone's vision, roles, responsibiltities etc.

This, so very very much this!

I was buying a SoF maisonette. It was a complete nightmare!

One property was let out and so had to find the landlord to approve the transfer, one was obstructive and because she was 'retired' demanded they pay for a solicitor the come ot her home to sign the transfer. The last freeholder had actually sold their maisonette but their share never got transferred, it had been sold again since then!

Not to mention said 'retired' lady didn't want to pay for any upkeep of the structure as "she would be dead before it's a problem!!" Kind of glad the sale fell through now!

As mentioned make sure everyone is clear of the expectations. Perhaps while costing a few quid, setting up a company might help people adhere to the visions you all agree to, especially when someone sells and the new owner has a differing opinion!