Freehold flat

Tom99

Hipperty wrote: »

That's where I am misunderstanding I think. There doesn't seem to be a lease on the upstairs flat, at least it's not mentioned in the Land Registry title register, it says freehold and just makes reference to the lease of the downstairs flat.

Unless you cannot find a mortgage co to grant you a mortgage on the title as it is, then don't even think about it.
Splitting the title into a lease of the flat your are buying and the remaining freehold will add extra legal expense, time to prepare the documents etc, also it may well put the seller off dealing with you since they will see you as a difficult customer.
A relative of mine sold just such a flat last year, they had no trouble when the bought the freehold and none when they sold it.
If you did split the title I don't think you can be your own landlord so maybe some-else or a company you set up would need to buy the freehold - all too complicated unless absolutely necessary.

Hipperty

Tom99 wrote: »

Unless you cannot find a mortgage co to grant you a mortgage on the title as it is, then don't even think about it.
Splitting the title into a lease of the flat your are buying and the remaining freehold will add extra legal expense, time to prepare the documents etc, also it may well put the seller off dealing with you since they will see you as a difficult customer.
A relative of mine sold just such a flat last year, they had no trouble when the bought the freehold and none when they sold it.
If you did split the title I don't think you can be your own landlord so maybe some-else or a company you set up would need to buy the freehold - all too complicated unless absolutely necessary.

Thanks Tom99, it's reassuring to know that this type of purchase has been possible by someone you know, without issues.

TrickyDicky101

I think you should check what the lease for the ground floor allows you to recover in terms of repairs/maintenance/insurance costs. It is possible that no provision has been made for this and thus as freeholder you could be solely responsible for bearing the costs. This could be a factor in your purchasing decision.

Hipperty

TrickyDicky101 wrote: »

I think you should check what the lease for the ground floor allows you to recover in terms of repairs/maintenance/insurance costs. It is possible that no provision has been made for this and thus as freeholder you could be solely responsible for bearing the costs. This could be a factor in your purchasing decision.

Thanks, this is good advice and I have requested a copy of the lease for the downstairs flat from the land registry. The problem is that this will take a few days to arrive, meanwhile the estate agent has received offers from others. All part of the stressful world of property purchase/ownership I guess!!
Thanks again to everyone for their advice.