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Joint freeholder won't sign transfer to me
Comments
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Even if you do manage to buy a 1/3rd share of the freehold that does not automatically extend your lease (or is that part of the deal?), you will still have a lease 8yrs shorter than when you bought the place.Yes, the price is only for our 1/3 of the freehold.
The lawyer for the original freeholder told us she didn't want to do the lease extension - which we would have to pay market value for - when the share FH was so close to completion.0 -
Sure, but when we're joint FH'ers then we can give ourselves a 999 year lease - as the others have done - without having to pay 'market price' for the extension.
Essentially, we're getting the share of FH for a similar price as the lease extension... 8 years down the line.Even if you do manage to buy a 1/3rd share of the freehold that does not automatically extend your lease (or is that part of the deal?), you will still have a lease 8yrs shorter than when you bought the place.0 -
Not unless its part of the deal you have to buy the freehold. You will not be able to grant yourself a 999yr lease without agreement from the other two freeholders. They may well want a market price lease extension premium for doing so, of which you will get 1/3rd back as joint owner.Sure, but when we're joint FH'ers then we can give ourselves a 999 year lease - as the others have done - without having to pay 'market price' for the extension.
Essentially, we're getting the share of FH for a similar price as the lease extension... 8 years down the line.0 -
Perhaps.Sure, but when we're joint FH'ers then we can give ourselves a 999 year lease - as the others have done - without having to pay 'market price' for the extension.
Essentially, we're getting the share of FH for a similar price as the lease extension... 8 years down the line.
But as explained, you will not be sole owner of the freehold, nor sole owner of 'your' 1/3rd.
You will be a joint owner and as such will need the consent of the other 2 joint freeholders to extend your lease. If their own leases don't need extension they may want a market rate from you (as leaseholder) to the freeholder (you would receive 1/3rd of that charge in your capacity as joint freeholder).0 -
Is there any reason why the other freeholder is proving so awkward?
Did he simply object to there being three freeholders?
Does he want you to pay a sweetener?0
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