Advice needed reference house buying

Paulm

Hi,
We have just sold our house (first time and the last time lol), anyway we have been looking for a new property, and have come across this one


EDIT as a new user am not aloud to post links yet.

It's 2 flats, and on the listing it says buyer will own freehold of both flats, can somebody explain what that actually means ?.

Far as we are aware someone is living in the flat above, so does that mean we become there new landlord's ?, do they have to pay us the rent etc ? really confused as this is the first time we have brought a property as the one we sold was my wifes inheritance.

Thanks in advance

Cakeguts

Owning the freehold of the two flats means that you own the building. The other flat is most probably sold on a long lease so they don't pay you rent because they own the lease of the flat. As owner of the building you will be responsible for arranging all the repairs to it. It may say in the lease of the other flat owners that they have to pay towards the maintenance of the building.

Paulm

Lovely thank you getting back to me, will have to check how long the people have the lease for upstairs.

Cakeguts

Paulm wrote: »

Lovely thank you getting back to me, will have to check how long the people have the lease for upstairs.

You are only going to be able to buy a flat. The lease for the other flat could well be over 75 years long and then they will have the right to extend the lease. So although you would be the freeholder of the whole building you aren't going to be able to get to live in the other flat unless they want to sell it to you and you pay around about the same amount again as the cost of the flat you are looking at.



Also if the building is a house converted to two flats if you were able to buy both flats which would cost you roughly double what the one with the freehold will you would still need to get planning permission to turn them back into one house.



If you don't want to buy a flat but would like a house this is not the property for you.

gt94sss2

Depending on how its set up, you might also be responsible for buying buildings insurance each year for the entire property (including the other flat) and then asking for a % of the costs from the owner of the other flat.