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Buying Ground Floor Flat When Top Flat Is Freeholder...
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Hi there, first time I've used this...but need some advice on a potential property purchase. I've found a ground floor flat I love, but the top flat owns the whole freehold...is this normal? My current flat is share of freehold with a management company overseeing repairs etc, and I feel this works well. Does anyone know if there is a way to consult with the freeholder and see if we could share responsibility...or is there not too much negative connotations associated with this do you think? Thanks so much for your advice, all is much appreciated :)
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It's fairly,common and is called 'creeping freehold'.
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Forgive me if I'm wrong, Zacs, but I don't think this is a case of a "flying freehold". I've been involved ig For Funks Sake a few times. In each case, you are a freeholder, and so is the person below/above you..... subject to various easements/covenants/licences etc.
Cake's situation is with Leasehold. I built a small block of flats once, and simply gave the leaseholders the Freehold so that they could take over the management company I had set up. and give them total control.
A lot of builders prefer to keep the freehold and take a management fee/rent. In Cake's case, the freeholder is also one of the "tenants".
What you must do, Cake, is to have the terms of the lease/management looked at professionally by your solicitor. Various laws control a great deal of the leasehold/freehold situation, but there is still freedom to incorporate conditions/costs that may be onerous to you.
All that aside... from a practical point of view, it must surely be advantageous to have a resident freeholder rather than a non-res one. Look at it this way; they are never going to ignore structural concerns as absentees might ........ especially with the roof ;o)
This arrangement can work as well as any other. It just depends on the terms of the lease. Do have it scrutinised.
Cake's situation is with Leasehold. I built a small block of flats once, and simply gave the leaseholders the Freehold so that they could take over the management company I had set up. and give them total control.
A lot of builders prefer to keep the freehold and take a management fee/rent. In Cake's case, the freeholder is also one of the "tenants".
What you must do, Cake, is to have the terms of the lease/management looked at professionally by your solicitor. Various laws control a great deal of the leasehold/freehold situation, but there is still freedom to incorporate conditions/costs that may be onerous to you.
All that aside... from a practical point of view, it must surely be advantageous to have a resident freeholder rather than a non-res one. Look at it this way; they are never going to ignore structural concerns as absentees might ........ especially with the roof ;o)
This arrangement can work as well as any other. It just depends on the terms of the lease. Do have it scrutinised.
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