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Buying freehold downstairs which owns leasehold upstairs
carolynpick20
Posts: 1 Newbie
Hi. Buying flat based on answers good or bad. Want to buy Freehold downstairs flat, but it owns upstairs flat with lease of 999years. Good or bad idea? Advice please
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Comments
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It's good or bad idea. Until you make an intelligible sentence, it's hard to say.1
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If you require a mortgage you might find it difficult to find a lender0
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I presume this was a house divided into two flats with the lower flat retaining the freehold.
I do not think the lower flat owns the upper flat.
The owners of the two fltas need to set up a management company to administer buildings insurance and maintenance with the upper flat purchasing half the freehold and the lower flat being issued a similar 999 year lease0 -
Really not cleara) what the current set upis orb) what you want to do1
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Sounds like you're buying two things.
1. A leasehold flat.
2. The freehold to the entire building.
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You need to explain the set-up more clearly, but... you don't mean a Tyneside lease (or Criss-Cross Lease) do you?How it works- The owner of the First Floor Flat (FFF) will own both the leasehold title to their flat but also the freehold title to the Ground Floor Flat (GFF) and vice versa.
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