Victorian House 2 converted flats - Freehold purchase

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    Victorian House 2 converted flats - Freehold purchase

    Hello,

    I live in a flat which is 1 of 2 converted from an old Victorian semi detached. I want to purchase the freehold for the whole building / land from the current freeholder on my own providing a price is agreed. I cant find any clarity around whether I can actually do this or not (without involving the other lease holder) and if it would be a problem with my mortgage lender.

    The leasehold I own is a long lease with 850 year left on it.

    Please could you advise

    Thanks

    #2
    Yes you can providing the existing freeholder is willing to sell.

    But the other leaseholder will have to be given the opportunity under the right of first refusal to buy the FH collectively with you. This right can only be taken up if you both act together.

    As you don't want to buy the FH jointly, I would ask the other LH if they would be interested in the FH and then approach the freeholder to see if they will sell.

    There is no way on your own you can compel the FH to sell to just you.

    On the other points you cannot own the FH in the same name as the LH. You can either put it into a LTD company or if the lease is jointly owned have the FH solely in your name.

    It won't affect your mortgage.

    Comment


      #3
      Thank you

      On the point you note "I would ask the other LH if they would be interested in the FH and then approach the freeholder to see if they will sell."

      Do you mean that if the other LH is not interested then I should approach the FH on my own ?

      I don't think the building qualifies for collective enfranchisement so don't see how we could buy it together if he was interested.

      Comment


        #4
        There are exemptions check the advice guides on www.lease-advice.org.

        If the other LH is not interested and the FH does not want to sell then you have your answer, you cannot buy the FH.

        Comment


          #5
          But you could convince your neighbour to participate in the enfranchisement of the freehold on the basis that you would fund all costs and his part of the freehold be transferred into your name on completion. Maybe a little cash sweetener to assist his decision making? Make sure you have a written agreement if he is willing.

          Comment


            #6
            I agree with Tipper. Have a chat with other LH and get some agreement.

            Comment

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