What Is The Process For Lease Renewal Where You Own A Share Of The Freehold?
I have put an offer in on a flat that includes a share in the freehold. I am not sure yet what the length on the lease is yet but would like to know whether I am still likely to face high costs of renewing it if necessary? Is the process easier as a shared freehold? Is it true all the flats’ leases have to be renewed at the same time? Is less than 80 years remaining still considered to be worthy of caution when buying such a flat?
Having recently (in the last five years) converted my leasehold flat into a part freehold flat (which had 22yrs of the old lease left on it), and then sold that flat with the part freehold – there is no leasehold renewal fee ….. once you become a part freeholder in the building you then have no-one to pay lease fees to – just yourself (leaseholders pay freeholders) but you do then become part responsible for maintenance and repairs bills and contributing to a joint tenants joint maintenance and repairs account ….because there should not now be a managing company as such, as joint freeholders you need to register yourselves as a tenant association of that building and thereby become your own managers ….. for safety’s sake and your security you should get your lawyer to go through all documents with a fine tooth comb and ensure that all loose ends and outstanding bills are paid up in full by the seller…….
Freehold is not a lease.
As long as your flat exisits, you have a share.