Obstructive freeholder - Joint freehold questions

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    #1

    Obstructive freeholder - Joint freehold questions

    I am a FTB and new to the forum, I hope someone might be able to help or enlighten me about some of the questions I have....

    I am currently purchasing a garden flat with a share of the joint freehold and a 70 year lease.
    The property is a victorian terrace house split into two flats, the freehold is currently shared with the upstairs flat.

    I was lead to believe that the lease and flat are connected and cannot be sold separately, however have subsequently found out that the upstairs flat has been sold only with its lease (70 years also) a few years back with the upstairs occupier now owning only the lease and the freeholders a couple, (who have become separated) are now living elsewhere.

    Of the two freeholders for the upstairs flat is now being obstructive/absent in the sale, not signing the Tr1 transfer deed and is now in the process of being taken to court to force a signature.

    If the purchase goes ahead, the freehold will be jointly held between myself and my partner (for the garden flat) and the two others (one of whom is obstructive and both no longer living in the upstairs flat).

    My questions are...............
    • If one freeholder is obstructive/absent what process would I need to go through to extend our 70 year lease? How much might this cost?
    • Is it possible to set up a management company, if the other freeholder is willing, without the signature of the obstructive absent freeholder?
    • Is it possible to set up a declaration of trust without the signature of one freeholder?
    • What other potential problems should I be looking out for, trying to protect against?


    Any help at all, or any personal experiences around any of these questions will be really very appreciated!
    Tags: None
    #2
    Have you exchanged yet??

    Surely alarm bells are ringing!! Walk away!!

    Comment

      #3
      Andy,

      No haven't exchanged, I can walk away of course.... I am keen to fully understand the situation and it's implications properly to help me decide to do that.

      Comment

        #4
        A declaration of trust can only be entered into it where all parties agree.

        So, if the freeholder is being obstructive now simply for a transfer that doesn't really affect them, imagine how difficult it will be to come to decisions regarding maintenance.

        Extending both flats to 999 years at the same time would be ideal and only cost solicitors fees if both leaseholders/freeholders are agreed. However, with an obstructive freeholder they may demand you go down the official route and pay a premium(of course half would go to yourselfl. Your 70 lease is alreafy down 10 years marriage value.

        If you purchase here, I am wondering how long it would be before you are at the FTT shelling out for an appointed manager and losing control of the freehold.

        I think you should take the survey/solicitor fees so far incurred on the chin and walk as it could be a nightmare purchase.

        Comment

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