Can lessee buy-into f/r like the other lessees did?

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    #1

    Can lessee buy-into f/r like the other lessees did?

    pleeese can you help me.
    some years ago a number of residents (most) bought the collective freehold,
    from the builder. I think they paid about 3 0r 5000.00 at that time each.
    Its two large blocks.
    If they are prepared to sell me a share how much might it cost, where could
    I find this out.
    Is this likley to be less than extending my 74 yr lease, which I understand could cost me about 8-10000
    thank you kindly
    oh, and please does anyone know how long it might take if they agree?
    Tags: None
    #2
    Have you spoken to your freeholder? Is the freehold owned by a management company? Simply politely ask if you can buy in to their company (or write a letter) and gauge their response.

    Comment

      #3
      Buying-in to the f/r company should cost the same (approx.) as a simple lease extension. The latter is necessary, come what may.
      JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
      1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
      2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
      3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
      4. *- Contact info: click on my name (blue-highlight link).

      Comment

        #4
        thank you Poppy,
        there is a very nice 80 year old resident who is the most experienced owner/
        director of the freehold, and there are two newer resident directors.
        The freehold is owned by the majority of residents, and the directors have appointed a managment company. The rest of the owners are still leashold
        The nice 80year old man said that he doesent know enough about it to give me permission or a price, and the managing agent said its not up to him its up to the directors.
        I will take your advice and write to the directors to ask, but I think they
        only meet four times a year! and I need to know now.
        thanx again

        Comment

          #5
          Originally posted by cindy View Post
          The freehold is owned by the majority of residents, and the directors have appointed a managment company. The rest of the owners are still leasehold.
          Not quite. All the flats remain leasehold in the hands of individual owners. They (or a majority of them) also collectively own the entire f/r.
          JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
          1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
          2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
          3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
          4. *- Contact info: click on my name (blue-highlight link).

          Comment

            #6
            thanx jeffrey your advice is appreciated

            Comment

              #7
              ahhh THE PENNY HAS JUST DROPPERD, i THINK...

              so if they allow me to I could buy a share of the freehold company, but my
              flat still remains leasehold and they extend my lease at the same time,
              otherwise if they didnt sell me a share, they would have to extend my lease for a cost, but both things costing about the same, I imagine the former
              would be the better way if I can do it?

              thanx

              Comment

                #8
                Originally posted by cindy View Post
                ahhh THE PENNY HAS JUST DROPPERD, i THINK...

                so if they allow me to I could buy a share of the freehold company, but my
                flat still remains leasehold and they extend my lease at the same time,
                otherwise if they didnt sell me a share, they would have to extend my lease for a cost, but both things costing about the same, I imagine the former
                would be the better way if I can do it?
                Yes. It's better to be a joint f/r owner (i.e. a member of the company collectively owned) so that you have more input into decision-making (as such) to accompany the shared responsibility of funding the service charge expense (as lessee).
                JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
                1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
                2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
                3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
                4. *- Contact info: click on my name (blue-highlight link).

                Comment

                  #9
                  Jeffrey and Poppy

                  Thank you soooo much for your kind and free help, this all came at a difficult time for me. I am very, very greatful

                  I am hoping to sell and I just rung my solicitor who said he can run the lease
                  extention alongside the sale, so now hopfully no reason for anyone to be put off by my 74 years unexpired, nor do I have to find the imiidiate cash well prior to sale,

                  thanx againxx

                  Comment

                    #10
                    If you had said from the outset you were considering selling, my answer would have been different.

                    Comment

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