Conveyancing when buying Freehold

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    Conveyancing when buying Freehold

    Hoping someone can help me. I have a 2 bed flat in a block of 9 flats. The Freehold for the entire block is owned by the Freehold company. The owners of the other 8 flats in the block have equal shares in the company. My flat is the only one without a share as it is Leasehold.

    I am in the process of negotiating with the company to buy a share, however I have been told by the company that they have found a conveyancing firm that will do a valuation on how much it would cost for me to purchase a share. Now I understand that as the buyer I will need to pay for the valuation to be done, however I am not sure if I am legally obliged to accept the conveyancing firm that they have chosen.

    Can anyone tell me where I stand legally? Is it the Freehold company's right to choose the conveyancing firm or can I have a say in the matter?

    #2
    What is the point in buying a share in the freehold? You will have no more control than you currently have as the owner of a leasehold title if a company owns the freehold. Even having a vote in a shareholders meeting is not much use when there will be nine shareholders.

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      #3
      Originally posted by pilman View Post
      What is the point in buying a share in the freehold? You will have no more control than you currently have as the owner of a leasehold title if a company owns the freehold. Even having a vote in a shareholders meeting is not much use when there will be nine shareholders.
      Hi, I hear what you are saying, but I have less than 100 years left on the lease and so have 2 ways I could go, either extend it or buy a share of freehold and then extend the lease to 999 years for very little cost. Also I have been considering selling the property and my understanding (i may be wrong) is that the property will be more attractive to buyers with a share of freehold than as leasehold.

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        #4
        either extend it or buy a share of freehold and then extend the lease to 999 years for very little cost.
        Is that guaranteed if you buy a share in the freehold, or does it go before the company for a decision to be made?

        It should also be considered how much less than 100 years does the lease have remaining.

        Comment


          #5
          Originally posted by pilman View Post
          Is that guaranteed if you buy a share in the freehold, or does it go before the company for a decision to be made?

          It should also be considered how much less than 100 years does the lease have remaining.
          That is part of the negotiation. I have said that I would want it to be extended to 999 years and they have shown a willingness to do the same for their flats. I have 97 years left. The main issue to be fair is that I am hoping to sell the flat within the next 5 years and would the freehold mainly for that reason.

          However, with regards to the original question, do you happen to know if I have to use a conveyancing firm of the their choice or is that down to me (or both of us)?

          Comment


            #6
            Since they don't have to sell it to you at all, I don't think you are in a position to negotiate how they sell it.

            Also not so sure about your assumption that if they sell you a share in the freehold-owning company they are also obliged to let you "extend the lease to 999 years for very little cost". What makes you think that is the case and that the one has to do with the other?

            Remember that your short lease is of monetary value to the freeholders (they will jointly own your flat or at least their kids will). Their own short leases are not really a problem to them. If they let you extend, that would doubtless have to factor heavily into the price you pay.

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