Buying share of freehold

[verylonglease]

Last year I extended the lease of a flat I own in a block of 5 flats by a further 90 years at peppercorn rent. I now have a total of 163 years unexpired.

The leaseholders of 2 other flats in the block have recently approached me to see whether I would be interested to buy a share of the freehold with them. They have not extended their lease as I have done for my flat.

I am told that the premium I would have to pay to buy my share of the freehold should be minimal based on the fact that I extended my lease last year and I have a total of 163 years unexpired, which is obviously quite a lot. Is this true or will I be required to pay the same premium as the other 2 leaseholders who have not extended their lease?

[leaseholdanswers]

Broadly peaking that is correct; the value of the freehold is i part the right to sell extensions to leaseholders, whic in your case is quite low.

I would suggest that you all agree, including you that on completion you

a; all leases are 999 years
b; that the leases are all amended to ensure that the freeholders expenses and costs are recoverable under the service charge.

It is essential that it is owned by a company so that when you sell your interest in the freehold is easy transferred and that you have mechanism to make decisions between you.