Letter offering to buy the freehold of our 2 flat converted Victorian house (owning 1

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    Letter offering to buy the freehold of our 2 flat converted Victorian house (owning 1


    I hope someone can help, it is very confusing all I find online at the moment.
    We bought a leasehold flat in a 2 flat converted victorian house in London 1 1/2 year ago. The lease is over 90 years long at present.

    We received a letter a few weeks ago offering us to buy the freehold for £8,400.

    We currently pay £250 (each flat, so the other landloard too) for the rent.

    We are really confused as to what could happen, and what would be the pros and cons of buying it (either buying the whole, or talking with the other landloard to share the freehold).

    I am concerned that there might be some additional cost to owning the freehold (in other countries I know it is the case).

    Please help if you can, I would be really grateful.
    Thank you for your time.

    You should contact the other flat owner 9leaseholder ) and agree to jointly to buy the freehold title. Lookout for the time limits to accept in the offer letter.

    The lease is just a just a long term rental agreement ( written on unfair terms for the leaseholder ). Its the freeholder which owns the building and land and holds all the rights to forfeit your lease if you fail to pay the annual ground rent.

    For leases falling below 80 years term remaining, mortgage lenders become reluctant to offer mortgages and so you ( or your successor) will be forced to extend the lease before you can sell.

    After you and other flat owner jointly buy the freehold title , you can agree to stop the payment of annual ground rent and can extend the lease to 999 years at peppercorn ground rent to maximise the value of your flat. If you each contribute 4200 pds + legal expenses to buy the freehold title , and you can save annual payment of 250 ground rent

    If you don't buy, the freehold title may fall into the control of some companies which engage in leasehold abuse ( such excessively charged for
    registering change of mortgage lender and buildingd insurance etc. )

    You can download free guide on buying the freehold title ( enfranchisement ) from www.lease-advice.org


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