Share of Freehold costs

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    Share of Freehold costs

    Hi All,

    This is the first time I am using this forum so here goes!!
    I currently live in a converted church where there are about 34 flats. The majority are interested in owning a share of the freehold and I am keen to get involved.

    Does anyone know roughly how much this will cost as I have read various threads on this. I pay £50/annum ground rent

    Pls help as I really need to know this asap

    Thanks
    Amanda

    #2
    As you have not mentioned having shares in the company that own
    the freehold, or that any of the 34 flats are Directors of the company
    that owns the freehold, then you probsbly can't get a share of the
    freehold.

    In your case, the freeholder will OWN the building, and how much
    is that worth ?

    Look at your lease as to who the "Lessor" is, who is probably
    the freeholder.
    There may be the freeholder, the Managing company, and the
    Freeholdr / Managing company have farmed out the running of the
    place to a Managing agent ( estate type agent, as found on the
    high street )

    Unless your articles of association state you can become members,
    then you will probably not be able to become a "Member of the Company"
    ( who is often the freeholder )

    I wont go into "The right to manage" or "enfranchisement" as others
    can advise you, once they know ---why you want to get involved.

    If you want to get involved because you think service charges are
    too high, or no maintenence gets done, then please state.

    Remember that being a member of the freehold company does NOT
    reduce service charges, as your lease will state " to keep in good
    repair and maintained"

    You have other means to get things done, and to see the service
    charge accounts.

    Can you tell all of us your reasons for wanting a share in the freehold,
    in detail.

    R.a.M.

    Comment


      #3
      Originally posted by Amandab123 View Post
      Hi All,

      This is the first time I am using this forum so here goes!!
      I currently live in a converted church where there are about 34 flats. The majority are interested in owning a share of the freehold and I am keen to get involved.

      Does anyone know roughly how much this will cost as I have read various threads on this. I pay £50/annum ground rent

      Pls help as I really need to know this asap

      Thanks
      Amanda
      1. Are you ( all 34 flats ) paying same 50 pds annual ground rent under a 99 year or 125 year ? What year did the leases start ? and does the annual ground rent increase every 25 or 33 years ? What is the current market value of the property ? Just quoting 50 pds ground rent is not enough info to estimate the cost of freehold.

      2. The name of the freeholder and address for receiving legal notices is shown on the annual ground rent bill - is it same as the Lessor in your lease ? You can check the name of the current freeholder by purchase of copy of freehold title for your address ( 4 pds by credit card ) from Land Registry .

      3. A "lease" is just a long term rental agreement and lessee is the tenant whereas the freeholder is the owner of the building and land within the boundary of the estate.

      4. The freehold title must be purchased as a whole and atleast 18 flat owners ( mjority of leaseholders) can get together and purchase the freehold title under company name. ( called freehold enfranchisement procedure ). You can download a free guide from www.lease-advice.org

      Comment

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