Hi
One house split into three flats. As it happens us three flat owners (leaseholders) are also the three named people on the freehold title. One flat owner is selling his flat, and consequently wants to transfer the title register from his name to the new buyer. But the new buyer is a couple and they are both noted on the TR1 form (different names - ie appear to be unmarried if it makes a difference).
That looks to me like the freehold would therefore change from it's current state of having three names on it (of which I am one) to four names. Thus potentially meaning my level of influence / control / ownership would decrease to a quarter, whereas currently it is a third?! or am I reading it wrong? and perhaps it doesn't matter. I haven't signed it yet wanted to seek advice first.
Where the new buyers are 'name C and D':
In box 5 it says 'name A, name B, name C and D' so in that sense is name C and D (the new buyers) existing as one entity? (ie the 'and' is significant). Thus they still perhaps only count as one being?
Or should I be insisting that I only want one new name to go on the form to replace the one name leaving the form? Also isn't it more problematic in future as it would mean finding all four people to sign future transfer of title's etc and what if they split up and one party becomes uncooperative / goes missing etc
one other point if in the future we want to make changes that require all our agreement eg divding up the garden, would they have more 'say' than the other two freeholders individually ie they would have two votes ie there is now four 'votes' in total if you see what I mean. At the moment there is no company set up or agreement or anything I believe it is a 'Literal Shared Freehold' if that's how it's known.
thanks
One house split into three flats. As it happens us three flat owners (leaseholders) are also the three named people on the freehold title. One flat owner is selling his flat, and consequently wants to transfer the title register from his name to the new buyer. But the new buyer is a couple and they are both noted on the TR1 form (different names - ie appear to be unmarried if it makes a difference).
That looks to me like the freehold would therefore change from it's current state of having three names on it (of which I am one) to four names. Thus potentially meaning my level of influence / control / ownership would decrease to a quarter, whereas currently it is a third?! or am I reading it wrong? and perhaps it doesn't matter. I haven't signed it yet wanted to seek advice first.
Where the new buyers are 'name C and D':
In box 5 it says 'name A, name B, name C and D' so in that sense is name C and D (the new buyers) existing as one entity? (ie the 'and' is significant). Thus they still perhaps only count as one being?
Or should I be insisting that I only want one new name to go on the form to replace the one name leaving the form? Also isn't it more problematic in future as it would mean finding all four people to sign future transfer of title's etc and what if they split up and one party becomes uncooperative / goes missing etc
one other point if in the future we want to make changes that require all our agreement eg divding up the garden, would they have more 'say' than the other two freeholders individually ie they would have two votes ie there is now four 'votes' in total if you see what I mean. At the moment there is no company set up or agreement or anything I believe it is a 'Literal Shared Freehold' if that's how it's known.
thanks
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