Purchasing Share of Freehold

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    Purchasing Share of Freehold

    I currently own a leasehold flat and I would like to buy share of freehold and would like some advice about how much this would cost (excluding legal fees). The building is a conversion and contains two flats with the other flat belonging to the freeholder. The flat is worth £450k. There is 147 years left on the lease. There is no ground rent and no services charges. We split any insurance and maintenance equally. I have lived in the property for 5 years.

    #2
    There is no compulsory purchase for one flat in a building containing only 2 flats.

    Since there is no ground rent , make an offer at say £4500 for half share .

    Comment


      #3
      Thank you Gordon. What does “no compulsory purchase” mean? If the freeholder refuses, how do I attain the value of the share of freehold.

      Comment


        #4
        You have a leasehold flat with no right to buy the freehold. If the freeholder doesn't want to sell then you can't buy it.

        Comment


          #5
          See last sentence in section 2.

          https://www.lease-advice.org/advice-...tting-started/

          Comment


            #6
            Thanks Gordon. I’m not sure how the last sentence from section 2 applies in our case, as the other flat owner and the freeholder are the same person.

            Comment


              #7
              Basically you could make an offer but the freeholder could refuse it.

              I would check the land registry for the last freehold sale just to have in mind the figure paid by freeholder.

              And I take it the lease was extended before sale?

              Comment


                #8
                Originally posted by Tom-watts View Post
                Thanks Gordon. I’m not sure how the last sentence from section 2 applies in our case, as the other flat owner and the freeholder are the same person.
                It means you have no legal right under the legislation to compel the existing freeholder to sell half share to you.

                Comment


                  #9
                  Originally posted by Gordon999 View Post

                  It means you have no legal right under the legislation to compel the existing freeholder to sell half share to you.
                  Agreed. If the freeholder does not want to sell you a share of the freehold then that is the end of the matter. You cannot force the issue.

                  Comment


                    #10
                    Thanks for the feedback. If the freeholder ever decided to sell the freehold, would we have first refusal to buy it?

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