El Diego Posted September 20, 2011 Share Posted September 20, 2011 Is it risky to buy a flat that is already a freehold or is it only a risk if the other flats in the block are leasehold? I am aware that it can be difficult to get a mortgage to buy a freehold flat. Link to comment Share on other sites More sharing options...
jeff2112 Posted September 20, 2011 Share Posted September 20, 2011 Thank you Kaye I cannot pm until I have 5 posts, 3 to go! Link to comment Share on other sites More sharing options...
jeff2112 Posted September 20, 2011 Share Posted September 20, 2011 [Thank you Jeffrey A. The member has replied which surprised me in fairness. B. I am the leaseholder you are correct it had been a long day! C. I have 970 years left on my detached house. I pay £35 per annum ground rent. They want £4000.00 from me to buy the freehold! Seems very high to me as the previous owner was quoted £1000 in 2001. I would certainly welcome your thoughts as a professional. I wish to extend and the fee is expensive so I looked at buying instead.QUOTE=Jeffrey Shaw;8090295]A. That was over nineteen months ago, so I doubt that the member will reply. B. You yourself are the leaseholder, I think. You're scarcely ripping-off yourself! C. So it's the freehold reversioner against whom you have a grievance. What's going wrong? Link to comment Share on other sites More sharing options...
jeff2112 Posted September 20, 2011 Share Posted September 20, 2011 4th post one more to go Link to comment Share on other sites More sharing options...
jeff2112 Posted September 20, 2011 Share Posted September 20, 2011 and that makes 5 Link to comment Share on other sites More sharing options...
Jeffrey Shaw Posted September 21, 2011 Share Posted September 21, 2011 Is it risky to buy a flat that is already a freehold or is it only a risk if the other flats in the block are leasehold? I am aware that it can be difficult to get a mortgage to buy a freehold flat. You're right. Never buy a 'flying'/'creeping' freehold, caused by splitting the block of flats. The best maxim is 'NEVER EVER SEVER'. But a leasehold flat with a 'share of freehold' is perfectly OK. Link to comment Share on other sites More sharing options...
El Diego Posted September 21, 2011 Share Posted September 21, 2011 You're right. Never buy a 'flying'/'creeping' freehold, caused by splitting the block of flats. The best maxim is 'NEVER EVER SEVER'. But a leasehold flat with a 'share of freehold' is perfectly OK. What about a freehold flat in a block of freehold flats, is that risky and if so why? Link to comment Share on other sites More sharing options...
Jeffrey Shaw Posted September 22, 2011 Share Posted September 22, 2011 What about a freehold flat in a block of freehold flats, is that risky and if so why? Yes. The problem (too complex to summarise adequately) concerns covenant enforcement, which works only if someone - e.g. the freehold reversioner- has an estate in respect of all the flats superior to the estates of the leaseholders. Link to comment Share on other sites More sharing options...
El Diego Posted September 24, 2011 Share Posted September 24, 2011 Yes. The problem (too complex to summarise adequately) concerns covenant enforcement, which works only if someone - e.g. the freehold reversioner- has an estate in respect of all the flats superior to the estates of the leaseholders. Are there are any situations in which buying a freehold flat would be ok or would you just avoid altogether? Link to comment Share on other sites More sharing options...
Jeffrey Shaw Posted September 26, 2011 Share Posted September 26, 2011 Are there are any situations in which buying a freehold flat would be ok or would you just avoid altogether? It would be 'OK' only: a. under a 'commonhold' umbrella scheme [but there's virtually none anywhere]; or b. in certain limited areas where a few- not many!- mortgagees are prepared to lend (e.g. Scarborough). But personally I'd avoid a freehold flat like the Plague. Link to comment Share on other sites More sharing options...
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