Hi,
I have a house which I have converted into 2 flats. I have council permission and everything in place to have the 2 flats registered now.
After a lot of reading I realised I cant be the owner of the freehold and the holder of both leaseholds.
I don't want to sell the leaseholds. I want to have the freehold and the 2 leaseholds under my ownership.
I'm not interested in selling the freehold into a limited company either. Instead I considered the next best option which was to transfer the freehold to someone in my family.
I'm not sure how the land registry process works and what the best way to hold everything is. I'm absolutely not interested in selling the leasehold flats.
After talking to my solicitor, I was told I can't transfer the freehold to this person in my family. I can however transfer the 2 flats? I wasn't too sure about that because another solicitor said something completely different ... The other solicitor said the freehold can be transferred in the process of registering the 2 flats with the land registry.
The first solicitor also said that I can hold the freehold in my name with 1 of the 2 flats. I only need to transfer 1 of the flats. I did some research and couldn't find anything about this either.
What is the best way for me to keep my 2 flats and my freehold?
Are there any alternative options to holding the 2 flats without needing to sell them? I've read about creating 2 freehold flats but I haven't even discussed this yet because of the loss in future sellability potential.
Any help and advise will be appreciated.
Thank you.
I have a house which I have converted into 2 flats. I have council permission and everything in place to have the 2 flats registered now.
After a lot of reading I realised I cant be the owner of the freehold and the holder of both leaseholds.
I don't want to sell the leaseholds. I want to have the freehold and the 2 leaseholds under my ownership.
I'm not interested in selling the freehold into a limited company either. Instead I considered the next best option which was to transfer the freehold to someone in my family.
I'm not sure how the land registry process works and what the best way to hold everything is. I'm absolutely not interested in selling the leasehold flats.
After talking to my solicitor, I was told I can't transfer the freehold to this person in my family. I can however transfer the 2 flats? I wasn't too sure about that because another solicitor said something completely different ... The other solicitor said the freehold can be transferred in the process of registering the 2 flats with the land registry.
The first solicitor also said that I can hold the freehold in my name with 1 of the 2 flats. I only need to transfer 1 of the flats. I did some research and couldn't find anything about this either.
What is the best way for me to keep my 2 flats and my freehold?
Are there any alternative options to holding the 2 flats without needing to sell them? I've read about creating 2 freehold flats but I haven't even discussed this yet because of the loss in future sellability potential.
Any help and advise will be appreciated.
Thank you.
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