Hello Folks,
Sorry if this is in the wrong place. I think it might fit into many of the forums. Point me in the correct direction if needed though!
I'm looking to invest in a block of 4 flats. Large terraced houses split into 4 self contained flats some while ago, with planning consent, fully tenanted. There a few around but with one fundamental difference - some are freehold, some leasehold.
I will be buying with a mortgage. I intend to carry on letting the property as is, and perhaps re mortgage in 5 years to release capital if the value has risen. I expect that I will need to focus only the freehold properties, not leasehold. But what are the considerations.
When looking to buy, how should a freehold property be set up in terms of:
Land Registry (one title I expect?)
council tax (four properties?)
utilities (all separate supplies?)
mortgaging (one property?)
insurance (one or four?)
is HMO a consideration (I assume not?)
and otherwise etc. etc.?
And how does this compare to how a leasehold block should be set up?
I welcome any facts you can share based on your expertise and experience, and any advice you might have.
(I have a few 2 bed BTL freehold terraced houses I let to single occupants. I'm not a Ltd company.)
Thanks,
ritfor
Sorry if this is in the wrong place. I think it might fit into many of the forums. Point me in the correct direction if needed though!
I'm looking to invest in a block of 4 flats. Large terraced houses split into 4 self contained flats some while ago, with planning consent, fully tenanted. There a few around but with one fundamental difference - some are freehold, some leasehold.
I will be buying with a mortgage. I intend to carry on letting the property as is, and perhaps re mortgage in 5 years to release capital if the value has risen. I expect that I will need to focus only the freehold properties, not leasehold. But what are the considerations.
When looking to buy, how should a freehold property be set up in terms of:
Land Registry (one title I expect?)
council tax (four properties?)
utilities (all separate supplies?)
mortgaging (one property?)
insurance (one or four?)
is HMO a consideration (I assume not?)
and otherwise etc. etc.?
And how does this compare to how a leasehold block should be set up?
I welcome any facts you can share based on your expertise and experience, and any advice you might have.
(I have a few 2 bed BTL freehold terraced houses I let to single occupants. I'm not a Ltd company.)
Thanks,
ritfor
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