Responsibilities of being a director of a freehold

textbook

Using the Brady's calculator I've worked out that this. I know three people have extended their leases two possibly not. One guy in my has interest only flat. If this is accurate and it's also true this is a great price

eddddy

It looks like you've entered the value of the flats incorrectly. For example, you say the value of the first flat is £140. I suspect you mean £140,000

(The lease start dates and years remaining for the first 3 flats also look very suspicious. I'd guess that they are wrong - but that's less important.)

Valuing the last 2 flats at £110,000 with 48 years left on the lease - Brady's calculator suggests those flat owners will each have to pay £20,000+ for their share of the freehold.

Do those owners of the last 2 flats have £20,000+ each to spend on buying the freehold?

If not, who will pay that £40,000 instead?

textbook

I'll reinput the data.

Looks like out of the four blocks only one block has got a definite 4 or 5 people interested. My block is two and I'm working on persuading another. The other two have one definite per block and some maybes.

We might pursue this with just the ctwo blocks. It can be done nut complicated.

Whst are the negatives in summary? - someone doesn't front pay the money after starting statutory route and we pull out and pay the sellers legal fees or pay his share ourself?

That's it right?

We're employing management company so chasing debt his their issue.

textbook

flat 2 is an interest only mortgage too

..I'm flat 5

textbook

Just found out the landlord in my block has a long lease- look how cheap Brady's formula estimates the freehold is for people with long leases (for my block) then how much they estimate for the short 49 year one. Ground rent might be a bit out.

These are just for my block. The landlord will consider joining if the price is right. I also mentioned about the iffy lease extensions some people have , which he didn't know about and giving ourselves 999 years would sort out