Discussion
Help.. i own a maisonette on leasehold land. I've just found out that the woman below me, who is moving wants to know my surname(she's asked someone i know, not me!
) so she can fill in a form for the new owners as they want to buy the lease to! I want to know how this could affect me if they buy it? and what i should do. Any help will be great cheers
AC
) so she can fill in a form for the new owners as they want to buy the lease to! I want to know how this could affect me if they buy it? and what i should do. Any help will be great cheers AC
how many flats are there in the block?
you need >50% of leaseholders agreement in agreement of purchase before it can be done. do you own where you live? if not, it only affects your landlord, if you do it's more complicated. I would think very carefully about buying your own freehold, it's not something to be taken on lightly!
>> Edited by minimax on Monday 21st March 09:42
>> Edited by minimax on Monday 21st March 09:42
you need >50% of leaseholders agreement in agreement of purchase before it can be done. do you own where you live? if not, it only affects your landlord, if you do it's more complicated. I would think very carefully about buying your own freehold, it's not something to be taken on lightly!
>> Edited by minimax on Monday 21st March 09:42
>> Edited by minimax on Monday 21st March 09:42
the new owners can't (IIRC) buy the freehold without at least one other leaseholder (ie possibly you) agreeing that they want to also. off the top of my head, this means that the other leaseholders may be obliged to also stump up for their share of the freehold too. do you have a residents association? negotiations are usually done through this sort of arrangement. have to say though, i'm getting out of my depth here as we're getting in to property law not finance, and my property law is a distant booze addled memory from a study module circa october 2003! 
Watch your post box, the freeholder, that is most likely your landlord, has to serve notice on you. When you get this read it very carefully as you have to respond within a strict timetable or your voice will not be heard.
It is all quite clear on the form but you should go see a solicitor if you are in any doubt as to what to do and where to go from there. One of those things where there are a thousand questions to be asked to assertain the best route for you.
If you don't get any notice, or it is incorrectly served, and you notice the landlord appears to have changed the sale might have gone through against the law.
It is all quite clear on the form but you should go see a solicitor if you are in any doubt as to what to do and where to go from there. One of those things where there are a thousand questions to be asked to assertain the best route for you.
If you don't get any notice, or it is incorrectly served, and you notice the landlord appears to have changed the sale might have gone through against the law.
vodkakid said:
Thing is no one's ever made a payment cause we have our own gardens etc that we all look after . its two houses split in two, upstairs and downstairs(own front door). separate garage and gardens everyone owns there own maisonette.
>> Edited by vodkakid on Monday 21st March 11:02
IMO sounds as if buying the freehold would be a good idea then, it sounds as if you effectively live as if you do anyway. how many years left on the lease? if it's a modern one and <99 then I would buy it personally
AC79xxx said:
belive it or not theres 931 years left on the lease.
Sounds like it had a 999 year lease. If that's the case IMHO it's not worth tying up capitol to buy the freehold where it can be invested more wisely elsewhere.
Bingo. my thoughts exactly.
If it were a 99 year lease then it would have much more potential to reduce the value of your property as the lease gets shorter but as it's not, it's not worth really bothering to buy it as it won't improve the value of your investment
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