Purchase of the freehold of 2 flats

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  • Purchase of the freehold of 2 flats

    Hi there , we are owners of a ground floor maisonette with a 98 years lease ( value 270 k ) and our upstairs neighbour is selling his flat with 68 years lease ( current value 205 k ) We are considering to buy his flat , so we can own the whole house , and then try to purchase the full freehold of the house.

    Which survey do we need to determine the cost of the full freehold ? Online calculator gives me figures which are feasible, can the current freehold ask more at their whim ?

    Can we force the sell as we would own 100% of premise ? And lastly do we have to wait to have own the upstairs flat for two year ?

    Looking for expert advice for a clear understanding ? Thank you

  • #2
    If you use online calculators to work out the cost of a statutory lease extension for each flat and add the result together, that will give you a ball park figure as to the value of the freehold.

    If you own both flats you should be able to enfranchise the purchase of the freehold see-
    http://www.lease-advice.org/advice-g...tting-started/

    You should approach the freeholder to see if he is prepared to sell the freehold to you informally, if not you will have to follow the procedure in the link above, you don't have to wait two years.

    Comment


    • #3
      Thank you

      I had a check and the flat upstair's freehold would be 17K and downstairs 3K , so about 20K for both , can the freeholder ask more than the figures calculated on a calculator or by a survey ?

      Also I found this which is alarming :

      "But, even if the tenant satisfies the above criteria, they will not be a qualifying tenant if any of the following cases apply:

      the tenant owns more than two flats in the building. This is either jointly with others or solely in their own name. Please note where this applies these flats will be discounted from the two-thirds"

      Could somebody explain ? We would own both maisonette ( 100 % of the house )

      Comment


      • #4
        The freeholder can ask whatever he likes for the freehold but ultimately you negotiate and if you can't agree you apply to the FTT to determine the price.

        As there are only two flats I don't see how you can own more than two flats.

        Asking the FH if he is willing to sell and at what price is the starting point.

        Comment

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