Want to buy freehold from a 999 year lease, how much is it worth?

Michelle449

Hi,

I want to buy the freehold from my 999year lease maisonette flat- I want to do alteration work and rather than involving the freeholder, it'd be easier to buy it. I've been told it should be very cheap- my ground rent is only £50 a year. There is a person that lives below me (1930's purpose built maisonette) so I'm unsure how that works.

Very awkward and old lease- I am liable for all repair and maintenance on my floor and above (so the roof) and the bottom flat only to the foundations and external walls.

-So my question is, how much is it worth? The company has said they might sell it to me and want to know my proposal...which I think is a bit odd...

-Also, any considerations for the flat below? Will they also need to agree to share of freehold- can I buy for both? Etc.

Thanks in advance

eddddy

Just to be clear, you can't buy the freehold for an individual maisonette/flat. You can only buy the freehold of the building.

You can either buy the freehold by yourself (i.e you would own 100% of it) or you can buy it jointly with your neighbour (maybe you would want 50% each) or perhaps jointly with anyone else you choose etc.

You've said to the freeholder that you want to buy the freehold. It's perfectly reasonable for the freeholder to say "How much are you willing to pay?"


Here's a freehold price calculator (I can't vouch for its accuracy, and I don't know the company who provide it, so this is not a recommendation) : http://www.freeholdvaluation.com/ballparkvaluation.htm