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Leasehold property - with Share of Freehold Interests
Comments
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Technically no - as a freehold can't be split into more than one piece. What you will own is a 33% share of the entire freehold - hence the name.JonMitchell wrote: »a.) Do I own 33% of the freehold
Correct, as you can decide on whatever price you all agree on.b.) If there is only 3 flats owning the freehold without anymore interests from XXX and YYY, then extending the lease would potentially be easier and cost effective for me? That is assuming all the other 2 flat owners are singing on the same page.0 -
the only potential issue with b) would be if the other two flats had already extended their leases. They might then want paying to agree to your own being extended.JonMitchell wrote: »b.) If there is only 3 flats owning the freehold without anymore interests from XXX and YYY, then extending the lease would potentially be easier and cost effective for me? That is assuming all the other 2 flat owners are singing on the same page.
If all 3 leases are the same length, then you'd each benefit equally from all 3 leases being extended.0 -
If all three leases are of the same length then it should be easier to agree a lease extension probably for no premium just the legal fees.
However any mortgage co involved will need to be consulted so the total fees could well be several £1,000s.
It's quite possible that one or other of the other two leaseholders is quite happy with the current situation and see no need to pay those legal fees.0
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