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  • FIRST POST
    • westyyy
    • By westyyy 11th Apr 18, 1:56 PM
    • 4Posts
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    westyyy
    Option to Purchase Freehold of Leasehold flat
    • #1
    • 11th Apr 18, 1:56 PM
    Option to Purchase Freehold of Leasehold flat 11th Apr 18 at 1:56 PM
    Hi

    I have been served notice of my landlord's intention to sell the freehold of my flat (bought leasehold).

    The price I would need to split with the others in the development has increased and I would need to take out a loan.

    Would it make my flat more valuable on resale?

    Also, I am worried about how the freehold would be managed by the others if they buy it and I don't.

    Does anyone have any experience with this?
Page 1
    • divadee
    • By divadee 11th Apr 18, 2:33 PM
    • 10,418 Posts
    • 17,860 Thanks
    divadee
    • #2
    • 11th Apr 18, 2:33 PM
    • #2
    • 11th Apr 18, 2:33 PM
    We bought the freehold to our block of 4 flats but no other leaseholders were interested so we did it alone.

    We wanted to be able to control what would happen while we lived here and didn't want an external freeholder involved. We do have a management agency who do the day to day running of the block so we don't have to worry about it to much. We have a quarterly meeting with them to ask about any issues or problems etc.... or they email us if something comes up that's urgent. It works for us and we have some control.

    When the other flats renew their leases (which they will as 2 are in the 60s for years left and 1 is coming close to the 80 year mark) we will have made back what we paid for the freehold and some left over. We got a loan for the cost.
    • Tom99
    • By Tom99 12th Apr 18, 1:30 AM
    • 2,631 Posts
    • 1,795 Thanks
    Tom99
    • #3
    • 12th Apr 18, 1:30 AM
    • #3
    • 12th Apr 18, 1:30 AM
    How many flats in the block? Also what is the remaining term of your current lease?
    • hazyjo
    • By hazyjo 12th Apr 18, 10:39 AM
    • 10,885 Posts
    • 14,340 Thanks
    hazyjo
    • #4
    • 12th Apr 18, 10:39 AM
    • #4
    • 12th Apr 18, 10:39 AM
    Just to confirm (in case you're confused), your flat will still be considered 'leasehold'. It won't make it a freehold flat. You probably know, but the wording in your OP makes it hard to be sure.
    2018 wins: Single Malt Whisky; theatre tickets; festival tickets; year of gin(!); shoes
    • G_M
    • By G_M 12th Apr 18, 10:52 AM
    • 45,327 Posts
    • 54,336 Thanks
    G_M
    • #5
    • 12th Apr 18, 10:52 AM
    • #5
    • 12th Apr 18, 10:52 AM
    As hazyjo says, whether or not you buy the freehld, you will still also own the lease on your flat, on the same lease terms.

    The risk of 'the others' owning the freehold without you is no greater than the current freehlder owning it. There are good and bad freeholders, whoever they are.

    In fact, as tthey are also leaseholders they are more likely than a remote freehlder (and a profit-driven comany one perhaps?) to be genuinely concerned to manage things well.

    Having said that, a group of amateurs can sometimes mis-manage, especally if no one is willing to conribute their time. just depends who thy are.

    Yes you flat will increase in value as a leasehold flat with a share of the freehold. Given a choice, I would certainy buy yours rather than an identical flat with no freehold rights.
    • westyyy
    • By westyyy 12th Apr 18, 11:39 AM
    • 4 Posts
    • 0 Thanks
    westyyy
    • #6
    • 12th Apr 18, 11:39 AM
    • #6
    • 12th Apr 18, 11:39 AM
    How many flats in the block? Also what is the remaining term of your current lease?
    Originally posted by Tom99
    5 properties all different sizes
    • westyyy
    • By westyyy 12th Apr 18, 11:40 AM
    • 4 Posts
    • 0 Thanks
    westyyy
    • #7
    • 12th Apr 18, 11:40 AM
    • #7
    • 12th Apr 18, 11:40 AM
    5 properties all different sizes
    Originally posted by westyyy
    124.5 years
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