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Buying the freehold of leasehold property

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  • Valman
    replied
    Buying the freehold of leasehold property

    Go to ozez-straker (a legal stationer - Google them) You will need a section 13 notice (under the Leasehold Reform, Housing and Urban Development Act 1993). Might be a good idea to telephone them first as you don't want to pay for the wrong form (it's only a couple of quid, I think).

    If you use a solicitor, the cost will be shared between all four flats although you will be liable for the landlord's costs too. However, if you get it wrong, you may still be liable for the freeholder's costs and end up with nothing and even be barred from starting the process again for a year or so (during which time, the price will have risen), but if a solicitor gets it wrong, he will have to compensate you for any losses incurred, including any increase in price of the freehold. A stitch in time.....

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  • gdwebs
    replied
    Yeh not exactly hot on this matter myself - i remember asking the question before and it was either buy the freehold as a whole, or buy the freehold between you and all the tennants as its a tricky process to split it.

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  • Patrick
    replied
    Go to the local Land registry, and download the LandLord's title. Find him first, and see if he wants to sell. Please also remember that if you do buy the freehold, you should really form an organisation to hold it, some sort of private company is best.

    Property Lawyer

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  • smartlawyer
    replied
    This is quite an involved job !

    Most solicitors hate this type of job !

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  • Pat
    started a topic Buying the freehold of leasehold property

    Buying the freehold of leasehold property

    There are four flats in a block and all four tenants want to buy the freehold from the existing freeholder. Without going to a solicitor, what is their first step? They are all on leases of over 21 years and have all lived there for more than 3 years. The block is purely those 4 flats and the freeholder doesn't live there.
    Where on the internet can they download the right forms to start with?
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