Should I keep freehold for two flats in converted house?

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    #1

    Should I keep freehold for two flats in converted house?

    I am having problems selling my flat (one of two in a converted house which are let to tenants). The owner of the other flat, the co-freeholder, has held up the sale for 18 months in different ways, the final one being refusing to sign the Stamp Duty Land Tax form. The buyer has suggested he just purchase the lease and I retain the freehold, this way the sale can go through, apparently.
    What responsibilities would I have if I kept the freehold, will it cost me?
    Thank you in anticipation
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    #2
    Freehold reversioners' duties appear in lease. You could keep f/r in joint names of yourself + other flat's lessee, unless lease states that it has to be transferred. The only other way would be v. slow and expensive: suing other flat's lessee to compel joining in f/r transfer.
    JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
    1. Public advice is believed accurate, but I accept no legal responsibility except to direct-paying private clients.
    2. Telephone advice: see http://www.landlordzone.co.uk/forums/showthread.php?t=34638.
    3. For paid advice about conveyancing/leaseholds/L&T, contact me* and become a private client.
    4. *- Contact info: click on my name (blue-highlight link).

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      #3
      Why not enter a claim in the small claims court for loss of interest over 18 months on the sale proceeds ?. For any claims below 1000 pounds , the court fee is only 34 pounds. I am sure this will give him the urge to sign.

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        #4
        Many thanks for your replies, my solicitor did suggest suing her but said it would cost a lot as I would need council etc. I have already spent so much, due to the property being empty as I assumed the sale would be quick!!!!
        I will look into the small claims court suggestion, it could be a good way to go.
        Thanks again

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          #5
          The owner of the other flat, the co-freeholder, has held up the sale for 18 months in different ways
          Your solicitor should have warned you about the possibility of problems like this occurring when you bought the flat.

          When the other flat owner wants to sell it is quite likely that his buyer will want to acquire a share in the freehold and if you retain it, at that point you can offer to sort it all out (provided you are paid for the hassle and your solicitor's costs.)

          As a conveyancing solicitor I believe the information given in the post to be useful but I accept no liability except to fee-paying clients
          RICHARD WEBSTER

          As a conveyancing solicitor I believe the information given in the post to be useful (provided it relates to property in England & Wales) but I accept no liability except to fee-paying clients.

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