New Lease after buying freehold

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    New Lease after buying freehold

    I am about to finalise the process of buying the freedhold of my flat from absentee freeholder. We carried out process with basement flat beneath us.
    Now we need help on how to draw up new agreement between our two flats for all future issues / work / maintenance. Who could help with this? is there a standard format?

    Well chessey you have presented a bag of bits

    You will both need leases for your own flats as that will be what you each own and take out loans on, and in due course sell on the the ext owner.

    You jointly own the freehold or will form a company to hold it for you and either be members or shareholders in that.

    In the case of leases you should make sure that these are adequate in arranging that each owner keeps in repair their flat, and behaves appropriately such as clauses to address nuisance and underletting and not playing the piano at 3 am, even if you are very good.

    it should also ensure that your freeholder takes care of the remainder of the property. That therefore binds you and future owner to do rather than simple saying you are happy to do something.

    It is important that in whatever form you do this that the agreement caters for what happens if you and the LGFF disagree such as binding arbitration and what happens when one of you sells and moves on, do you stay as freehold owners or do you compel each other to sell it to the new flat owner ( and amend the lease accordingly). This can be put into a trust deed, a partnership agreement, or in the articles of association.

    While there are standard docs kicking around you might need to spend for some legal advice to ensure that your documentation is adequate- trust me when I say when it goes wrong, the small fees now are a fraction of what it can cost to remedy later. I charge those fees so I know!
    Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.


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