We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Share of freehold house
DIYGirlz
Posts: 26 Forumite
I've sen a house I love but I understand from the owner that it's a share of freehold (there is a management company set up to deal with some communal garden at the front). It's an end of terrace house (not sure why that's important but it's some background!).
In my experience I've never come across a house being sold with a share of the freehold. Does anyone know pros / cons of this type of arrangement and/or if this will mean getting a mortgage will be difficult ?
Thanks in advance
In my experience I've never come across a house being sold with a share of the freehold. Does anyone know pros / cons of this type of arrangement and/or if this will mean getting a mortgage will be difficult ?
Thanks in advance
0
Comments
-
Who are the people who actually own the freehold? Usually with a share of freehold, all leaseholders (usually occupiers) own an equal share. Is it perhaps that the block of terraces where the house sits were all originally leasehold & the owners got together to collectively purchase the freehold.? If so then a mortgage should be no problem at all.The bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0 -
Cattie - I think that's indeed the case that they may have been all leasehold and that at some point all owners got together, formed a management company and all share equally in the freehold. I'm just not sure of the restrictions or obligations that this brings - I guess a solicitor would advise0
-
I've sen a house I love but I understand from the owner that it's a share of freehold (there is a management company set up to deal with some communal garden at the front). It's an end of terrace house (not sure why that's important but it's some background!).
A share of freehold house would be very strange.
Could it be that the house is freehold - and the communal garden is a shared freehold?
i.e. Everyone owns their own house (as freehold), and then all the house owners jointly own the shared garden.
That would seem far more normal/ sensible.0 -
eddddy - agree this would indeed seem much more sensible. Fingers crossed that may be the case0
-
Why not buy the Freehold and leasehold Titles and Plans and take a look?
Download each here for £3.000 -
Well worth spending £12 because if the house is leasehold, how long is the lease? Just because you may own a share of the freehold that does not automatically deal with a short lease. You could still be stuck with paying the other freeholders to extend the lease.Why not buy the Freehold and leasehold Titles and Plans and take a look? Download each here for £3.000
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604.1K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards