|
General Chit Chat Off topic conversations. Please do not post CPFC or sport related threads here |
|
Thread Tools |
#1
|
||||
|
||||
Freehold/ Leasehold advice
Question aimed at those that would be somewhat of an expert in this field.
I've a relative who owns a 1st Floor Maisonette on a reducing Leashold basis (down to 70 years ish I believe) The Freehold for the whole property (comprising Ground Floor Maisonette and the 1st Floor Maisonette above) is owned by the guy that lives in the Ground Floor Maisonette. I take it the relatives on the 1st Floor could in theory offer to sell that property to the guy in the Ground Floor, particularly as he's always been keen to own the whole property, and thus the issue of their needing to increase the lease on their part of the property would dissapear? Any advice/comments?
__________________
The darkest moments of our lives are not to be buried and forgotten, rather they are a memory to be called upon for inspiration to remind us of the unrelenting human spirit and our capacity to overcome the intolerable. |
#2
|
||||
|
||||
Yes. Him downstairs' offer will reflect the diminishing value of the lease (even if his intent would be to convert to one unit and close the leasehold titles).
Assuming he would need a mortgage this should be fine as he's the freeholder and can therefore grant the lease extension. I imagine this would be done as a simultaneous extension and sale. How long has your relative owner the flat? They may have the statutory right to extend their lease and if so need to weigh up if they want to do this and then sell on open market. I suspect if they are in a rush to sell offering to the neighbour would be the quickest option, but will lose them some cash. |
#3
|
||||
|
||||
Thank you CE.
No interest in keeping the lease no. They're "of an age" now so need to remove themselves from an upstairs maisonette! (Should've done so years ago)
__________________
The darkest moments of our lives are not to be buried and forgotten, rather they are a memory to be called upon for inspiration to remind us of the unrelenting human spirit and our capacity to overcome the intolerable. |
#5
|
||||
|
||||
Anyone had dealings with Licence to Assign legal document with regard to leasehold property?
|
#6
|
|||
|
|||
.
Last edited by Smithers-Jones; 29-01-2024 at 06:30 PM. |
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests) | |
Thread Tools | |
|
|