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Buying from my co-lessee
awiz
Posts: 3 Newbie
Can I buy a section of my neighbour's flat?
We're in the same building and both have a share of the freehold.
Legally how do I do that - do I have to change our leases? Would this affect the other two leaseholders?
We're in the same building and both have a share of the freehold.
Legally how do I do that - do I have to change our leases? Would this affect the other two leaseholders?
0
Comments
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You would need the consent of the Freeholder. By the sound of it, this is jointly owned by 4 individuals.
You would also need to vary both leases.0 -
...and bring along any mortgage lenders for the ride...0
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Do you mean that I have to inform my mortgage lender if we change our lease?0
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Yes, of course you do. They have a charge over your (existing) flat. They won't do over whatever you acquire from your neighbour. Which would leave them being able only to repossess part of your flat, which they won't be happy about.Do you mean that I have to inform my mortgage lender if we change our lease?
Similarly, if your neighbour has a mortgage then it will still affect the bit of their flat which you're acquiring.
So you'll need to involve the lenders (who may require revaluation(s) of the properties, payment of admin fees, their own solicitors to be involved, etc).0
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