Share of freehold

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A lease alone is a wasting asset — it becomes less valuable as time goes on as it gets shorter. Eventually you will need to extend the lease and normally if you have a share of freehold you will not be required to pay for this although there are risks here and it is important to be advise on the purchase to ensure that there are no problems or barriers to this happening. It is therefore cheap and easy to achieve see our article on extending your lease with a share of freehold.

You will also have greater control over how the maintenance on the building it dealt with — you are not at the whim of a independent landlord who may attempt to overcharge for repair costs — the tenants will generally be interested in keeping the property in good repair at the most economic cost. Generally you would seek information from one of the other co-freeholders to verify any information provided by the seller on these points.

The best advice is to speak to the other owners before you purchase to get a feel of how the block is run especially if it is a smaller block where you will need to interact with neighbours after you purchase. In smaller blocks there may be some obligations that one or more of the tenants need to keep on top of e. You will need to ensure the block is insured and the premium is collected and paid each year.

Maintenance on an ad hoc basis can also cause spikes in the service charge if for example major works are required in any one year. This would be offset if there was a sinking or reserve fund set up which was paid into each year. Generally these arrangements are only put in place where there is a separate managing agent running the block — this is usual for larger blocks with a share of freehold but for smaller blocks the administration costs charged by a management company may be relatively expensive.

If the freehold is owned jointly in the personal names of the tenants it can also be difficult to get the other owners to sign the transfer of the freehold when the flat is sold. The Land Registry also require identification from each owner. This can be frustrating to arrange this when the flat is being sold and one of the co-owners is away!

However on balance the advantages generally far outweigh the disadvantages and the share of freehold will always help in the marketability of the flat in the future. We are specialists in dealing with leasehold sale and purchases with a share of freehold including lease extension work.

If you require information about our conveyancing service email Mark Sadler on email mbs ker. The couple have been separated for the last 5 years, and the ex-husband name is to be removed from the freehold. They have their own solicitor producing this documentation. Is this correct, or do I need a solicitor to file something on my behalf for the top property as this is a change in the freehold deed i. This is why lease extensions to years are always recommended for share of freehold as the free-hold title can easily become detached from the flat ownership.

I am in the process of buying a leasehold flat Victorian house converted in to 4 flats and was wondering how difficult it would be to buy share of the freehold if the freehold also includes the converted building next door? Also Victorian conversion into 4 flats There is a management company who deals with the day to day, which is made up of all 8 leaseholders.

Are there different rules to buying a share if the freehold goes across 2 buildings and would we have to wait 2 years before we could buy a share of freehold? Thanks, Jo. You could ask the two who own the freehold if you can buy in. They may be happy to recoup some outlay. Clearly however the other two owners can buy it back again! Best therfore to negotiate something if you can. There is no automatic merger of the leasehold flats into the freehold.

The leases still stand. Provided the leases are long over years they should not need amending. I own the top leasehold flat in a 5-flat building. I have some money pounds in a sinking fund on deposit with the freeholder the other flats do not have any sinking fund contribution.

My question is, what would happen to my sinking fund contribution as the freehold has being sold to another management company? The departing freeholders have served a service charge bill which is quite high due to disrepair issues and ideally I would like to adjust this amount due to become lower by my sinking fund contribution pounds.

Can I actually do this without making it a legal dispute? And if so, do I need to send a letter? The new freeholder management company have not yet set up any new sinking fund, but if and when they do, I would want that the other flats also contribute towards it and not just me. Recently we purchase flat shared free hold lease is years.

Would Like to know share of free hold will automatically transferred to us Thank you. It is not automatically transferred but your conveyancing solicitors should have taken certain steps by either transferring the freehold title into your name with the remaining freeholders or transferring the share in the freehold company to you. You need to check that they have attended to this. Hi, I hope you can help me understand if this is correct.

I am buying a flat as part of share of freehold. I have noticed that the landlord is mentioned as one company, and the managing company — as a different one. I will get a share of the managing company, but how will this differ from the landlord and if I have equal rights to other members of the share of freehold. Quite often leases are set up with three parties. This is more common in larger buildings. These are:.

Sometimes the Landlord keeps the insurance obligation. Leases are set up in this way so that the Landlord does not have very much to do or have any ongoing onerous obligations. Now to complicate matters sometimes the freehold can be purchased by the Management Company so there is one company who is both 1 and 2 but in your case the freehold was purchased by a separate company. Every flat owner should have a share in the management company.

Hi I am in the process of purchasing a ground floor maisonette with a seller has owned a shared if freehold — years lease from the management company, now I wanted to know if will I be incurring a service as a new owner and what are the responsibilities of the tenant who holds share of freehold. You can either have a lease which makes the tenant flat owner responsible for the repair of their part of the building i.

The other common form of lease excludes the structure mains walls roof and foundations from the extent of the flats and retains this as part of the freehold — the freeholder is therefore responsible for repair and often insurance of these areas and the tenants contribute to the cost again usually on a basis. Dear Mr Sadler, I hope you can give us some advice on dealing with our neighbours who have caused a very substantial leak into our house from their adjoint property and are refusing to deal with the consequences.

About two years ago they refused to pay the agreed half of the cost of the repairs of the joint areas. Our communication is broken down. What will be the next step? I do not deal with disputed matters but I would suggest that you tread carefully even if you feel you are in the right because a neighbour dispute will probably wipe more off the value of the property than the claim.

Surly you have simply claimed for the damage on your insurance policy? Hi I own the share of freehold in a block of 4 flats. All freeholders contribute to the sinking fund on a monthly basis. We are now in dispute with one of the 4 freeholders with regards to how the money should be used. Do all freeholders need to be in complete agreement with how the fund is used or can a majority vote rule?

Is there any legislation to govern this? My daughter is buying a leasehold flat years with share of freehold. We are confused. This is because your daughter could come into the freehold and make life difficult or refuse to extend the other leases when asked. This is a practical risk they are trying to avoid. There is only 2 units in the building. The Law Commission may look at this issue in their review of leasehold law but I cannot see a simple answer to this. I would not think this makes a material difference in value as you have a long lease at nil rent.

I might be wrong but it does sounds that the roof is belong to me? In this case, will it be more difficult says if I want to convert the loft to a living space, knowing I will need approval and licence from the landlord? I will not really be able to comment without seeing the whole lease because the description of the flat is one aspect and anything can be taken out of context.

The roof is defined sometimes for repair purposes not to show what you own or do not own. If, however the roof and the structure around it belongs to you it will be easier to get consent as you are not required to buy the loft and roof structure from the landlord in the first place to carry out the work.

Hi Mark, we are first time buyers, in the process of purchasing a share of freehold flat. I just wondered, do we need to ask for confirmation of the length of the lease still? And to also ask the sellers to confirm as to how the responsibility of this works? Many thanks. The length of lease will be crucially important to your lender.

It should ideally be years but more than okay if over years. Make sure also that all the other leases in the building are of the same length. I have bought a flat in a block containing 30 flats in At the time the estate agent promoted the flat as it comes with a free share which attracted to buying the property.

Unfortunately this was missed at the time of purchase. Do I still have any legal right to claim the free share. The share of freehold would not be on the title deeds in a block of 30 flats. The freehold is usually owned by a company and each of the residents would own a share or be a member. Historically companies filed annual returns which listed all the shareholders — if you can see you name on any return since again using the Companies House website then there is evidence you have a share.

If the actual share or membership certificate is lost you can usually obtain a replacement. You may have to revert back to the solicitor who acted for you in the purchase at that point to sort this out. Hi Mark — great to stumble across this and you answering Qs. The freeholder in the other flat has been uncontactable for the last 2 years — leaving aside any issues with contributions to building repairs, how does this impact the purchase — do they need to co-sign anything to allow it to go through?

Normally the freehold in a block of two will be held in joint names i. Two years does not seem like a long time so I assume they can be tracked down relatively easily. Remember you need to go through this again on resale so keep in touch. Always worth checking the lease length and ensure that both flats have the same length lease and are both long ideally years but anything over years. Hi Mark, very grateful to you for running this site, I am currently in the process of buying the freehold of a block of four flats, together with one other owner.

My solicitor is mounting up costs and I now realise that even if we get the freehold, there is still more work to pay out for such as land registration of the freehold. How do I make sure the other guy pays half for the building insurance for example?

There are a number of issues here. The solicitor should have provided you with an estimate of costs at the beginning. Whilst I appreciate the collective enfranchisement process may not run in a linear way you should have been given a ball park figure for a relatively straightforward matter with details of the costs or hourly rate for the more unusual steps which may need to be taken.

If you are not happy that you had sufficient information from the start you may have a complaint. But did you read the information on costs carefully? The second point is that generally you should have a participation agreement between you and the other owner about how you pay towards these costs. The third point is that being a freehold owner is not always as easy at it seems. Buying the freehold means you purchase both the property and the land and that you own them in perpetuity.

When you buy a leasehold property, you own a lease, which is the right to own that property for the number of years remaining on that lease agreement — often from 99 - years. You can find out more in our guide on freehold and leasehold properties. You might find buying a share of the freehold preferable to merely owning the leasehold on your flat, due to the greater control it gives you. If you own a share of the freehold, you and the other tenants can make decisions regarding your leases.

We explain this in a bit more detail below. You discuss your lease, maintenance and any other issues with your fellow tenants. Finally, although it may not seem so at first, buying a share of the freehold is a lot more straightforward than searching for a freehold flat. With a share of freehold, the shareholders need to act as a collective and pay when something goes wrong in a communal area.

The costs will obviously be split between each of you - usually via the annual service charge - which does soften the blow. Owning part of a freehold can also create additional admin.