How much to buy freehold

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    How much to buy freehold

    Hi there,

    I am about to put an offer in on a flat the only sticking point for me is the lease.

    It has 82 years as of June this year. The ground rent is £150 pa the flat is worth £225k.

    I realise the rules change burough by burough in London so for clarification the borough is Lewisham

    Ideally I would like to buy the freehold but I have some questions:

    1.) The flat would be buy to let, in sich circumstance can the current leaseholder be made to sell the lease to me?
    2.)If the other leaseholders don't want to buy SOF can I but it myself (Do I need their permission)?
    3.) Is there any advantage to simply renewing the lease as opposed to buying SOF? For example is extending lease cheaper.

    Thanks

    Baz

    #2
    The owner of the building and land is called "freeholder" because he/she holds
    the freehold title.

    The owner of a flat within the building is called the "leaseholder" because he /she
    holds the property under a lease which can be sold to you.

    After 2 years ownership , the leaseholder has a legal right to apply for statutory
    90 years lease extension and this is best done before the lease falls below 80 years
    remaining term.

    Purchase of the freehold can be made if supported by a majority of the
    leaseholders in the block and if only 2 flats in the building, requires both
    leaseholders to act together.

    You can download the free guides from www.lease-advice.org

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