Disposing of freehold interests in leasehold properties

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    Disposing of freehold interests in leasehold properties

    Hi, looking for some advice please. I have inherited the freehold interest in 18 properties in sunderland, uk. They are in the majority of leasehold properties that are houses/ maisonette bungalow style 2 bedroom houses, and I suspect until I look in detail at all of them, all subject to 999 yr leases that began in the 1950s. My grandfather built them postwar and we understand offerrd them to family and friends for nominal ground rents of £7-£10 / yr that remain today. No service charges or the like as far as I can see. Whilst I see the value of his gesture at the time, many have been onsold over the years to buyers with no familial or relational connection.... I feel as if their original purpose of affordable homes is no longer their purpose, plus I am assuming I will also inherit some unwanted costs and risks. Can I sell my freehold interest, and the properties if i choose? Do i have any rights as the freeholder of these leasehold properties? Can i realise any capital benefits by selling them? I understand there is something to do with first right of refusal to the tenants but does that apply to properties that are houses/ single dwellings, as opposed to a building of flats? Thanks for your advice in advance.

    #2
    Collecting £7-£10 annual ground rent is not profitable business when the minimum hourly wage is around £8.

    You could try selling the freehold title of a house on 999 years lease for say £600 to the leaseholder.

    Put in offer letter to leaseholder , "The benefit of buying the freehold title includes no ground rent to pay, no landlord registration charges when selling the property and it could increase the market value by £2000-£3000 due to more buyers for freehold houses.

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