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Process and cost of buying share of freehold from other owners
Comments
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Ask the seller and freeholder if there is already a lease extension in place.Guy, once again many thanks for your answers and help.
We have just now found out that we own a share of freehold, but still still our lease as mentioned in land registry is 99 years,
Now, there are many ifs and buts, can it be possible the previous owner who had bought of share of freehold also got the lease extended but could not get it registered ?
If not, then now knowing that we own a share of freehold, does it make it any simpler to extend our lease.
One important point to not is that all the owners who own the share of freehold have 999 years of lease except us ?
The exiting lease is 99 yrs but I assume that was the original lease term so what is the remaining term?
Since you will own a share of the freehold then, in theory at least, it should be easier to extend the current lease but the other freeholders will still want a full premium from you if they have their head screwed on.0 -
Lease remaining is 58 years.
As you mentioned "Ask the seller and freeholder if there is already a lease extension in place." - can this mean that the seller might have got lease extended but it is not on papers ?0 -
Very unlikely but you can ask. What is your share of the freehold because you will get that %age of any premium you are charged back.Lease remaining is 58 years.
As you mentioned "Ask the seller and freeholder if there is already a lease extension in place." - can this mean that the seller might have got lease extended but it is not on papers ?0 -
We have 1 share of freehold and there about 26 shareholders.
Now being a shareholder, to get the lease extended, do we need a solicitor or this can be done without a solicitor ?0
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