Freehold valuation

[Anna1985]

Have you tried to obtain the freehold register from Land registry? £3 if my memory doesnt fail me

[Anna1985]

Yes, it doesn't. Though I think I'm not getting the best deal but it seems like a deal at the moment

[Anna1985]

We are buying freehold, there is no change of leases, apart from maybe extending them in one transaction to save on legal costs in the future

[Anna1985]

No, we are negotiating informally....

[Anna1985]

Thanks for advice. It is such a strange time...

[Anna1985]

Second leaseholder64, why do you need to change the tenancy?

[Anna1985]

Thank you for the advice. We basically know the price range of the freehold, it is more to validate it as an asset and to see if the value of it will be affected by actual state of the property.

[Anna1985]

There are lots of people who do valuations. As soon as you mention freehold - we will come back to you and they are still coming back.

I'm really wondering if it is really worth to have it valued....

[Anna1985]

I did, tried several people - 0 reply.

[Anna1985]

Trying to find somebody to carry out the freehold valuation.


So far no luck, any recommendations?
Thanks

[Anna1985]

Start by asking for their complaints procedure.

[Anna1985]

You can say no))
and tell him that the ground rent on all new leases is supposed to be peppercorn. Is it a flat or a house?
Is the landlord an individual or a company?...

[Anna1985]

Any update on your situation re lease? Thanks

[Anna1985]

and unless it is ridiculously cheap, do you really want to get into all of it, when you would need to wait for 2 years until you can extend the lease?...

[Anna1985]

No, you cannot get freehold transferred to you.
You can however apply to the tribunal to get the lease extended via tribunal.

However you have 4 owners of the freehold and you are not saying how the freehold is owned. Is it a company or is it owned as tenants in common.

[Anna1985]

we are not going statutory. If we agree on the price, it would be cheaper to do informally.


Although, as we are flat owners it will be done as per first refusal so maybe we qualify after all.
Thank you for pointing it out....

[Anna1985]

If another party and I are home owners and we are to buy a freehold for consideration of 52k, we would be liable to pay 3% stamp duty each?

should we decide to move and still hold the share of s freehold, would it count as a property and we would need to pay extra 3% stamp duty on the next...

[Anna1985]

Yes, this is our concern and taking into account that house prices are funny at the moment. Is it a good value for money? If the amount was 10-20k , we would just went for it but 52k ... is a lot of monies... for no future revenue stream and a possible loss on the short lease extension

[Anna1985]

We would need to seek further legal advice if and when we buy the freehold to move the repairs forward....

[Anna1985]

Yes, indeed and we need to pay twice: the legal cost of forcing the freeholder to take the uncomplying leaseholder to court and the cost of legal action.

however, according to lease freeholder could give a written notice of repairs required and if not done within within a set time frame...