Flat in London

cherry76

Been looking for ages for a flat in London.  Location is important within easy access of transport. I saw this and would like some opinion from people who lives in London Finchley.  Compared to other flats, this seems to be reasonable price.  Also what are the benefits of share of freehold?  Thanks

https://www.rightmove.co.uk/property-for-sale/property-92592059.html?utm_source=sendtofriend&utm_medium=email&utm_campaign=buying

princeofpounds

Share of freehold means that you and (usually) your fellow leasehold flat owners also, collectively, own the freehold. Typically the freehold will own the ground under the building (and any other areas not 'demised' to individual leasehold flats) and the structure of the building itself, although there can be variations.

The freeholder has certain responsibilities to the leaseholders, and vice versa. This applies even if you are essentially the same group of people; you all wear two hats, legally-speaking.

Freeholders are normally responsible for things like building insurance, maintaining the structure of the building, maintenance of communal gardens, and often have to approve certain things like flooring, vents for boilers etc. They are then usually allowed to charge the leaseholders for these costs. Sometimes there is also a rent payment for the ground (often nominal, but not always) and sometimes they are also allowed to charge a service fee. This will all be in the lease documents.

The freeholder can also usually appoint managing agents to perform all these service for them, if they wish.

The advantage of being a share of freeholder is that you will have some kind of direct input into how these important issues are managed. You probably have greater alignment of interest and motivation than a third party owner would.

The disadvantage is that you (or some of you) have to do the work and administration yourselves. You also will have to negotiate any decision with your fellow share-of-freeholders.

Visit lease-advice.org (govt funded advice service) to understand more about how leaseholds operate, and/or ask your solicitor about the specific details in this case.

dimbo61

Looks an older property with nice windows ? Single glazed ? Check the EPC for heating costs.
Full survey to check roof and condition of electrics.
Storage but you can always have built in wardrobes or IKEA stuff.
Like the idea of a small garden but which direction does it face ( south ?)
How close to train station ?
Crime levels ? Schools ? Parks and amenities ? Bars restaurants shops nearby ?

RelievedSheff

Personally I don't like that layout, especially where the bathroom is located.

eddddy

cherry76 said:

Also what are the benefits of share of freehold?  

Essentially it means that you and your downstairs neighbours look after the maintenance and repairs of the building. So between you, you can decide what work is done and when, and which tradesmen to use etc. 

It can work well, if you and the neighbours generally agree on stuff. For example, you both agree...

• That the front of the property needs painting
• What colour to paint it
• Which firm you use to paint it
• etc

But it can get difficult if you don't agree. For example,

• If you think the front of the house is getting tatty and needs painting, but your neighbour doesn't agree
• The roof is leaking into your flat, but the neighbour won't agree to pay their share of the repair cost
• You want to sell your flat (with the share of freehold), but the neighbour won't cooperate and sign the required docs

And if your neighbour sells their flat, you'll have a new joint freeholder - who might be better or worse than the current one.

princeofpounds

I realise I did mention something but I needed to be clearer about it;

a further advantage of being a freeholder is that you receive a share of the ground rent, and also any money due when leases are extended. This can be very valuable if other leases are short and the ground rent in high, or it can be worth almost nothing if the other leases are long and the ground rent is a peppercorn. 

When I say 'you' receive a share of the money, it does not mean it goes directly to your pocket. It is due collectively to the owner(s) of the freehold; that might be a company that you have a share in for example. You may or may not be a director of that company.

You also need to realise that being a share of freehold owner does not mean that you don't have to pay the freeholder what they are due as a leaseholder.

blue_max_3

Nice place! I live in N10, so know the area well. Pretty good value for the area. Bit close to the N.Circular, so check the noise.
Owning a share of the freehold ensures you are in control of costs. You can choose when convenient to make larger expenses and not get a management company profiting from the upkeep.

saajan_12

The bedrooms are really two singles.. I wouldn't keep the bed in a corner like that in a master bedroom. The bathroom is also at a very far end, and the kitchen having two doors means there's very little counter space compared to the floor area it takes up. 

[Deleted User]

Bedrooms are an impossible size for normal adult life, great for two pre teen orphans with no clothes or toys though. Anyone older would complain about lack of storage (although no guarantee they wouldn't). Kitchen only suitable for someone who likes to live on takeaways and microwave meals.., again suitable for preteen orphans.  Perhaps they could barbecue daily.

Vestraun

It’s really just a 1 bedroom which has crammed two in resulting in small and awkward sized rooms. 

tonyhender

I owe 2 flats in london both are on leesehold if i could get the freehold i would snatch their hands off. Fristly it would add more then 40% to the value of my properties. I wouldn't have a leese which goes down each year.