Freeholder Buying Flat from Leasholder

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Freeholder Buying Flat from Leasholder

    Hi,

    My father is the freeholder of a building in which a leaseholder has put his flat up for sale.

    The flat only has 70 years remaining on the lease and we are interested in buying it.

    My father is unable to get a mortgage because of his age and I would need to take a mortgage out to fund part of the purchase too.

    My question is what would be our options to buy the flat considering we need a mortgage but it has such a short lease?

    My other question is, if I were to buy it, would my father be able to extend the lease without there having to be an exchange of the correct valuation figure? And would I have to wait 2 years to do so?

    Many thanks.

    #2
    If your father is the sole freeholder then he will be able to grant you a new lease as part of the sale process.

    If your Father is willing you won't need to wait for 2 years or have a valuation if you can agree on a price.

    Comment

    Latest Activity

    Collapse

    • Old managing agents accounts
      by jazzythumper
      Since obtaining the RTM and changing the managing agent, we have never been given full accounts / receipts for the previous year(s). We believe that as the old freeholder and leaser holder of one of the flats were represented by the same solicitor that prior to the sale of the freehold, we were subsidising...
      20-05-2022, 11:21 AM
    • Reply to Old managing agents accounts
      by eagle2
      I suggest that you apply to or take action against the freeholder directly, the agent is only acting on behalf of the freeholder. If you think that the freeholder is likely to supply information, you can ask him to volunteer it otherwise you will apply to the Tribunal. If he is unlikely to volunteer...
      26-05-2022, 05:38 AM
    • Reply to Old managing agents accounts
      by jazzythumper
      would this be a good starting point?

      https://www.lease-advice.org/faq/how...eing-used-for/...
      25-05-2022, 15:37 PM
    • Reply to Old managing agents accounts
      by jazzythumper
      As in a simple application to the old managing agent Or freeholder? Which one?

      To provide all accounts and payments based on the fact that we disagree with the charges? How far back can we go? And does having paid the service charges mean we have agreed to these?

      Thanks for...
      25-05-2022, 15:31 PM
    • Reply to Freehold confusion
      by Section20z
      It's never advisable , it can cause serious issues if you have a claim affecting communal areas. For buildings insurance the whole property should be covered and the cost split between the two flats.
      The only problem with an absent freeholder is that when selling the flat a pernickity solicitor...
      25-05-2022, 10:02 AM
    • Reply to Share of feehold/shared service charges?
      by Stu1020
      eagle2,

      Thank you for the response.
      25-05-2022, 09:40 AM
    • Reply to Freehold confusion
      by AndrewDod
      There is no cast iron rule that the freehold "share" has to be transferred with any sale. You may need to purchase it from the friend (or his estate)....
      25-05-2022, 09:22 AM
    • Share of feehold/shared service charges?
      by Stu1020
      Hi there,

      I'm new to the forum and looking for advice on a sticky freehold situation.

      I own a two-bed flat in a converted building with two one-beds. The lease states that a fair proportion is payable towards the service charge. However, there has been a running agreement of...
      20-05-2022, 11:39 AM
    • Reply to Share of feehold/shared service charges?
      by eagle2
      I suggest that you ask the other 2 leaseholders to explain why they consider that the current allocation is fair. The freeholder has the right to review the allocation from time to time. Unfortunately, a "fair proportion" means that several alternatives would be considered reasonable to a...
      25-05-2022, 06:27 AM
    • RTM Hand Over Issues
      by martin15
      RTM handing over issues

      Our RTM companies comprise 4 blocks of 6 identical two bedroom flats and each block is registered at Companies House as a separate company.
      Following the acquisition date, it was discovered the former directors ignored legal advice and changed property management companies...
      23-05-2022, 19:36 PM
    Working...
    X