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Freehold to leasehold
AndyMF
Posts: 1 Newbie
Please help as I have no idea where to start.
I own a freehold house which is divided into two flats which I rent out.I bought it 12 years ago and it was already divided into two flats. I am reaching a point in my life where I am considering selling the property and everyone I talk to says they would be better as leasehold flats so that I can sell each one individually. This seems a good idea but I don't know if this is possible or how to do it. Is it something I can do?
All contributions would be welcome.
Thank you
I own a freehold house which is divided into two flats which I rent out.I bought it 12 years ago and it was already divided into two flats. I am reaching a point in my life where I am considering selling the property and everyone I talk to says they would be better as leasehold flats so that I can sell each one individually. This seems a good idea but I don't know if this is possible or how to do it. Is it something I can do?
All contributions would be welcome.
Thank you
0
Comments
-
Yes
You need to make sure you have separate metering
Presumably the planning position is regularised
You then get a lawyer to draw up two leases, and then you can sell them - either with share of freehold or with you keeping the freehold and getting the ground rent.
It will probably cost a couple of thousand to set up and register.
You could wait until you have buyers or structure in advance.0
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