My wife and I are the Freeholders of a typical Victorian house, split into two flats. We are also one of two Leaseholders as we live in one of the flats. We have been living there for five years and now we want to sell.
Very long story short, lenders (like HSBC) have stipulated that the current ad-hoc maintenance agreement is insufficient and have refused to lend. The other leaseholder has rejected a default 50/50 proposal to cover costs, as they are not looking to sell, do not want to incur surprise costs and five years ago extended their lease to 150 years at a cost of £25k. They are both paying peppercorns rent.
Question; If I was to set up a maintenance company, can I insist on/force a 50/50 split?
Very long story short, lenders (like HSBC) have stipulated that the current ad-hoc maintenance agreement is insufficient and have refused to lend. The other leaseholder has rejected a default 50/50 proposal to cover costs, as they are not looking to sell, do not want to incur surprise costs and five years ago extended their lease to 150 years at a cost of £25k. They are both paying peppercorns rent.
Question; If I was to set up a maintenance company, can I insist on/force a 50/50 split?
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