Buying freehold as first time buyer

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    Buying freehold as first time buyer

    Hi there, I've just completed on a leasehold flat with 76 years remaining. I've been told that the other 2 flats in the building have made preliminary enquiries about buying the freehold. What I would like to know is
    do I have to wait one year before joining them? I've looked at the Leasehold Advice Centre's website and can't see anything about length of time you need to have the property. I know that it's 2 years to extend the lease, but is there a minimum length of time for the freehold or can I join them straight away? If it is one year, is it possible to buy into the freehold after the other 2 flats have already done this? Any advice would be great. Thanks

    #2
    The compulsory purchase of freehold requires a minimum of 50% of leaseholders in the block to join together in the purchase and normally a company is used to buy and own the freehold of the land and building. There is no minimum time to wait before you can participate . So go ahead.

    You can buy a copy of the title from Land Registry to identify who is the real freeholder and the extent of the land area. Sometimes the footprint land under the building is owned by the freehold company collecting the annual ground rent and the garden land area around the building belongs to another company.
    Last edited by tenant29; 18-06-2006, 17:10 PM. Reason: incomplete answer

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      #3
      That's great. Thanks for the advice- that's what I was hoping to hear!

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