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Problems with Freehold Flats

jane2200755
jane2200755 Posts: 3 Newbie
in Mortgages & endowments
Hello,
I’m thinking of purchasing a flat, but this particualr one is a freehold. (I would own 1/8th of the builing / land).

Are there any problems with this type of arragement?
Thanks.
Jane.

Comments

  • dmg24
    dmg24 Posts: 33,920 Forumite
    10,000 Posts
    Is it definitely freehold, as opposed to commonhold?
    Gone ... or have I?
  • cattie
    cattie Posts: 8,844 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    It sounds like share of freehold as opposed to freehold. Freeholder's own all the land the property stands on & get ground rent and often service charges from the leaseholders of the other flats in the building.

    For any info you need on owning leasehold property (and this includes share of freehold as you still have a lease with sof property) see this website. http://www.lease-advice.org/newintro.htm
    The bigger the bargain, the better I feel.

    I should mention that there's only one of me, don't confuse me with others of the same name.
  • djbd1973
    djbd1973 Posts: 508 Forumite
    Part of the Furniture Combo Breaker
    jane2200755 wrote: »
    Hello,
    I’m thinking of purchasing a flat, but this particualr one is a freehold. (I would own 1/8th of the builing / land).

    Are there any problems with this type of arragement?
    Thanks.
    Jane.

    Do you know or are friendly with the other people who own the other 7/8ths of the freehold?
    Gordon Brown ate my hamster
  • tomstickland
    tomstickland Posts: 19,538 Forumite
    10,000 Posts Combo Breaker
    That's the best way of doing it. You buy the leasehold on your flat, but you become a member of the "management company" and you collectively own the building.
    Happy chappy
  • MortgageMamma
    MortgageMamma Posts: 6,686 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    It can be a nightmare to get a mortgage on a freehold flat, I can only think of a few lenders who will do it. make sure you get expert advice on your mortgage
    I am a Mortgage Adviser

    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
This discussion has been closed.
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