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Freehold on a flat - to buy or not?

andydakin · 2018-08-22 07:58:44

We own a leasehold flat in a 42 flat block on the south coast. The majority (32 I think) of the owners have recently formed a company and bought the freehold (this was in process before we bought our flat and so we weren't initially involved) and we have been invited to buy our share. As I see it the benefits are: An…

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Hoploz Posts: 3,888 Forumite

22 August 2018 at 10:35PM

Xenajane you have an option to extend the lease. You don't have to buy the freehold. Ask the freeholder for a price for an extension. This can be done either by informal negotiation or by statutory route. If you go statutory route it'll reduce the ground rent to zero with 90 years added to the existing lease. Informal route you need to negotiate the lease terms carefully or you can end up with the wrong wording and make it still unmortgageable! Have a read of the official website https://www.lease-advice.org or try talking to citizens advice about it.

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Freehold on a flat - to buy or not?

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