Mis-represented freehold/leasehold

Tom99

[FONT=Verdana, sans-serif]You need to understand the set up. It may not be all bad.

[/FONT] [FONT=Verdana, sans-serif]It could be that you and the flat each have a lease and that the freehold is jointly owned by you and the flat owner 50/50.

[/FONT] [FONT=Verdana, sans-serif]That might be the normal set up in a house that has been converted into two flats.

[/FONT] [FONT=Verdana, sans-serif]You need to understand the lease terms of both flats. Are they identical as to length of lease, ground rent and other terms and how are costs to be shared.

[/FONT] [FONT=Verdana, sans-serif]With that set up, you have to agree with your flat neighbour things like building insurance, external repairs etc and then costs of these shared services will be split between you in accordance with the terms of the lease.

[/FONT] [FONT=Verdana, sans-serif]If you owned 100% of the freehold but the flat owner was your tenant, you might have better control over these shared services but you would still have to inform the flat owner of any major work, pay for it yourself then collect his share.[/FONT]

steampowered

You don't have any comeback against the estate agent or the seller. So your options are as explained by G_M.

diane***

we had a similar experience ............. it sad for you and you will lose your money, but walk..... you'll have all sorts of rights of access and that sort of thing to sort out too.............. all possible but this is not what you want is it? no freehold or walk..... think of the value when you come to sell..... is this an investment or nightmare?

jbainbridge

I'm still not clear what you actually want to or thought you were buying. Is it the house with the flat? Or just the house and the flat is to be sold to someone else?

If it is just the house and not the flat, you would buy a lease for the house and possibly a share of freehold.

Otherwise it sounds very messy and I would just be walking away.

eddddy

jbainbridge wrote: »

I'm still not clear what you actually want to or thought you were buying.

I suspect that the OP may be reacting to news stories that sound like they're saying "Leasehold is bad - Freehold is good".

As many posters have pointed out, that doesn't really apply in this case.

As you suggest, it's difficult to offer any helpful feedback to the OP, unless he can be more specific about what his precise concerns are.

cjmillsnun

Time to quote Nancy Sinatra. These boots are made for walking