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Freehold as well as Leasehold - help

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  • Freehold as well as Leasehold - help

    We currently own 50% of a shared ownership property.
    We are in the process of buying the remaining 50% and gaining the freehold along with it.
    However our solicitor has advised us that we should keep the leasehold and gain the freehold aswell, rather than just surrendering the leasehold when we get the freehold.
    Can anyone explain this to me - i thought a property could only be leasehold or freehold, not both!
    Would we need to declare this with our Mortgage Lenders & how would this affect us when it comes to selling the house?
    Also, there is currently 79 years remaining on the lease - would we need to renew this?
    Any help is great.
    Thanks in advance.

  • #2
    Re: Freehold as well as Leasehold - help

    You need to ask your solicitor to explain his reasoning.

    There are a number of reasons why he might have advised this but it is difficult to speculate here.
    RICHARD WEBSTERwww.rwco.co.uk
    As a conveyancing solicitor I want to be helpful (England/Wales only) but can't accept liability for this.