Share of freehold in a semi detached converted house

ahfat41

My son likes a flat in London.  It is a share of freehold in a semi detached converted house.  He is going to arrange a viewing.  What questions should he be asking the EA? There will be only two co-owners.  The length of the lease?  How is building insurance arranged is it for the whole building or each flat owner is responsible for its own insurance?  Will the lease specify  each owners responsibility?  He will be on the top floor, what happens if there s a leak on the roof and the other flat owner refused to pay?  There should be no service charge or ground rent.  Repairs as necessary and there should be no problem if they get on. Any other queries anybody can think of? Doing some research I found the two owners bought the freehold from Haringey Council at £4500 in 1916. I just wonder whether it used to be a council house. Any advice much appreciated.  Thanks

AdrianC

If they bought the freehold from the local authority, then the chances are high it was a council house, yes. Does it matter?

ahfat41

AdrianC said:

If they bought the freehold from the local authority, then the chances are high it was a council house, yes. Does it matter?

https://www.rightmove.co.uk/property-for-sale/property-83329828.html?utm_source=sendtofriend&utm_medium=email&utm_campaign=buying

davidmcn

AdrianC said:

If they bought the freehold from the local authority, then the chances are high it was a council house, yes. Does it matter?

More likely that it was just the plot of land being bought in 1916 - not exactly many right to buys happening then!

Rural_Puppy

From the floorplan, an interesting layout. Is the bathroom really accessed via the kitchen?

greatcrested

Even if the estate agent answers your queries (unlikely) you cannot rely on the answers. EAs rarely have legal details, and if they do they are reliant on what the seller tells them, (not what the leases actually stipulate).

Your solicitor will look into all that in due course, but as a heads up

* pay £3 x 3 to the Land Registry for the Leasehold Title & Plan, and the Freehold Title

* if available, pay £6 for the lease itself (formOC2)

NameUnavailable

ahfat41 said:

My son likes a flat in London.  It is a share of freehold in a semi detached converted house.  He is going to arrange a viewing.  What questions should he be asking the EA? There will be only two co-owners.  The length of the lease?  How is building insurance arranged is it for the whole building or each flat owner is responsible for its own insurance?  Will the lease specify  each owners responsibility?  He will be on the top floor, what happens if there s a leak on the roof and the other flat owner refused to pay?  There should be no service charge or ground rent.  Repairs as necessary and there should be no problem if they get on. Any other queries anybody can think of? Doing some research I found the two owners bought the freehold from Haringey Council at £4500 in 1916. I just wonder whether it used to be a council house. Any advice much appreciated.  Thanks

The lease will stipulate the maintenance liabilities but it is probably 50/50. The lease still matters even if it's share of freehold you still need a decent length (90ish plus years) lease to easily get a mortgage. To extend the lease the other party may want the going commercial rate to extend which could be very costly if it's a short lease.

My guess is that maintenance is done 'when required' and costs split between the two flats. This is good in some ways (lower costs, no regular monthly payment, no management companies costs to pay for). OTOH it can cause issues if the neighbour objects to having work carried out, claims they can't afford it etc., and arranging for quotes etc. will be 'your' responsibility.

Take note of how well or not so well it appears to be looked after outside. Is paintwork and guttering good or does it look like it needs £££'s spending?

I would also try to meet the neighbour just so you know what sort of person you're going to have to be dealing with.