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  1. Hello there, My name is Juan, I own a property in SE London (Charlton). The property is an end of terrace (only 2 neighbors) where mine is the ground floor and I own the front garden, side return and half of the back garden. I just need to give access the upstairs neighbor to the bins and his section of the back garden. There's no service charge, the ground rent is only £50 a year and the lease for both flats is around 150 years. I was told that since the ground rent is so low and the lease is still 150 years I should approach the freehold company and offer them to buy the
  2. Hi all! I am currently purchasing two flats, both freehold (one ground floor and one first floor flat). This purchase will mean I will own the whole building (there are only two flats in this house that has been converted around 10/15 years ago). I've been going through the dilemma of purchasing through an LTD or not and finally concluded that LTD was the way to go; however because I am a first time landlord and the two flats are freehold I (my broker) has struggled to find competitive interest only mortgages and consequently wipe out the benefits entirely (and some) of going the L
  3. Hi Together with the other 2 residents in my block, I'm in the process of purchasing the freehold from it's current owner Im Looking for an accountant to prepare the annual accounts etc for submission to HMRC. Does anyone have an accountant they would recommend for this activity? Thanks Sarah
  4. Hi All! So I hope someone can shed some light on this very new scenario that is being played out before my eyes. I own a leasehold flat and the freehold was recently sold on and we have a new Property Management agency that we are paying service charges and ground rent to. I just received a letter stating that I need permission from them to be subletting the property, and need to register my tenant for a fee of £130 and from what I can see another £65 each time they renew, which is every 6 months and thats even if nothing changes. As well as £130 for each ne
  5. I am currently part exchanging my apartment with a developer in order to buy a house from them. They have stated they require a Deed of Variation to change the lease because of a similar issue. My ground rent is £250pa, which turns the 141 years left on the lease in to an AST lease. So they want me to pay for the change of the lease so that the ground rent falls in line with the 0.1% mark, making it £180pa. I have no idea if the freeholder will accept this, and if they don’t whether the developer will pull out of my PX? Any help would be appreciated! Dan
  6. Hi All, Looking for some help on the freehold enfranchisement process specifically related to the management set up. Shortly a building with 4 flats (converted) will be taking the freehold enfranchisement route. All 4 landlords are happy to be involved. Nice and easy so far. As part of this we will need to set up a Ltd company to own the freehold and manage the building. This is where I have some questions. 1. The company will have 4 directors - does this in anyway link these people together outside of the company. 2. I understand after year 1
  7. Hi all, Looking for some advice as I don't seem to be able to get a clear answer from estate agent or potential conveyancers. I'm selling a property which has planning permission for the garden, as two 'lots' - the house as one, the land as one. I own both freehold and leasehold of the property, which is registered as one title at present. I'm selling the house to one party, and the land to another party. I understand I will need to split the title, but not how to do it, what it will cost, and if I need to sort that out before going ahead with th
  8. Hi, Just wondering if anyone could give me any pointers / shed some light on a flat which has just became available. The flat is up for sale as a probate sale , it is not up at market yet but I know some of the details as the man was part of our cricket club. What I have been told is the estate agent has came around and valued this ground floor flat at around £100,000, this was before she realised it was a leasehold flat. It is not an external company who owns the freehold, each of the four flats in the block own a quarter each. I am unsure how lon
  9. Hi, Just wondering if anyone could give me any pointers / shed some light on a flat which has just became available. The flat is up for sale as a probate sale , it is not up at market yet but I know some of the details as the man was part of our cricket club. What I have been told is the estate agent has came around and valued this ground floor flat at around £100,000, this was before she realised it was a leasehold flat. It is not an external company who owns the freehold, each of the four flats in the block own a quarter each. I am unsure how lon
  10. Hi, Just wondering if anyone could give me any pointers / shed some light on a flat which has just became available. The flat is up for sale as a probate sale , it is not up at market yet but I know some of the details as the man was part of our cricket club. What I have been told is the estate agent has came around and valued this ground floor flat at around £100,000, this was before she realised it was a leasehold flat. It is not an external company who owns the freehold, each of the four flats in the block own a quarter each. I am unsure how lon
  11. Hi, Just wondering if anyone could give me any pointers / shed some light on a flat which has just became available. The flat is up for sale as a probate sale , it is not up at market yet but I know some of the details as the man was part of our cricket club. What I have been told is the estate agent has came around and valued this ground floor flat at around £100,000, this was before she realised it was a leasehold flat. It is not an external company who owns the freehold, each of the four flats in the block own a quarter each. I am unsure how lon
  12. Through collective enfranchisement, us leaseholders have acquired the freehold to a block of 9 flats via a single limited company. We had intended for all leaseholders to own a share, so we could extend the lease to 999 years and reduce the ground rent to nothing. But only 3 leaseholders (including me) ended up wanting to buy the shares and so I bought up the remaining 6 (making my share equal to 7/9). When the leaseholders that do not own shares extend their lease, how do we share the proceeds from that lease extension? Option 1: We share it as per the shareholding, so
  13. In our building, there are 5 flats and we manage our own freehold between the 5 owners, we all have leasehold contracts which include an agreed split on building maintenance based on size of flat. As mine is the biggest, I pay more (23% as opposed to 19%/19%/20%). We are looking at a new intercom system which constitutes one new intercom unit per flat, I argued this should be a straight split 20% each - I only have one door and intercom like all the other flats. The units are in each flat so not in the common areas and is not affected by the size of the flat. The other freeholders have argued
  14. Hello all. Me and my friend end have been in he process of buying a new build and nearly became victims of the recent spate of developers looking to charge £250 ground rent on the leasehold which doubles every 10 years. For anyone unaware of the problem with this have a quick read of this article from the guardian: https://www.google.co.uk/amp/s/amp.theguardian.com/money/2016/nov/05/ground-rent-scandal-engulfing-new-home-buyers-leasehold We have been advised by our solicitors to pull out of the deal but are of course hesitant because it is a great location
  15. Hi Having bought a leasehold flat with my parents a couple of years ago I recently started looking at how I could create a property portfolio, having been reinvigorated by the property podcasts. Just as I start looking into this a come across my first potential issue with my existing leasehold flat, a Section 5A right of first refusal from my landlord to purchase the freehold. My understanding is that, assuming sufficient leaseholders are interested in taking advantage of the offer, we can purchase the freehold from the landlord. If not, the landlord can sell the freeho
  16. Slightly odd situation - I'd be grateful for Hubbers' views: A friend has inherited the freehold to a block of flats which his father built. The leases are all 999 years from the early 1970s and provide for an annual ground rent of £15 per flat. With 24 flats this totals £360 per year. There is no provision in the lease for increasing the ground rent, so as things stand it will just continue at that level. Not sure who manages the block, but it is not something my friend is interested in taking on. He has asked whether there is anyth
  17. Good morning all, I'd like to hear from anyone who knows about title splitting concerning commercial properties that has residential on top. If an investor bought a freehold commercial unit with a flat then decided to sell each unit separately how you deal the title on the flat? I believe there are few options on how you deal with unit depending on whether you want to keep the freehold or not. In this scenario it would be if you want to sell all the units with the freeholds as well. The commercial unit would simply be sold as a freehold unit. Co
  18. Good morning hubbers, I'm looking for a quick bit of advice from someone who has good knowledge of leases and getting consent to let from a freeholder. From what I have read previously in forums it seems that if a lease holder wants to sub let they always need consent from the freeholder and have to pay some kind of admin fee and send documents such as the AST and tenant references to the freeholder (or agent working for the freeholder). My question is, is this always the case? The reason I ask is because I approached the managing agent of my freeholder and asked them
  19. Hi, I am going through the process of buying my first BTL property. I had a homebuyers report completed last week and got the results today. The surveyor says that they understand the property is being sold on a leasehold basis. I was never made aware of this and I (rather stupuidly) presumed it was freehold. Does anyone know if I should have been made aware that it was leasehold or is it up to me to have found that out before making an offer? It was never mentioned in the brochure. Thanks Matt
  20. Can anyone help me with the following problem.... I own a tenanted but low value upstairs leasehold flat in a converted house of two flats. The downstairs flat has been empty for a number of years and is in disrepair due to a fire. It is boarded up and the council are aware of the situation although they say it's not dangerous. The owner is missing and bought the property without a mortgage. I think he will still be in the local area and probably out of work or in prison. I have contacted the freeholder's solicitors and received the following reply.... Further to our tele
  21. Hi everyone, A few month ago I viewed a house which was advertised as a freehold property, I asked the estate agent to confirm this at least twice and they said the owner had purchased the freehold 20 years ago. After some negotiating on the price(£190k down to £160k) they accepted my offer in December and took the property off the market. The searches came back in January and it turns out the house is actually leasehold, the freehold is owned by the council and the head lessee is a construction company. The house is on the small side and very close to the city centre.
  22. Hello, I was wondering if anyone would know the process of enquiring about purchasing part fo the freehold? I live in a period conversion - 3 flats all leased but one of the flats owns all of the freehold. Can I purchase a share of the freehold and if so how do approach the matter? I havent had good relations with the freeholders who rent out their flat and who I beleive do not manage the property very well - ie communal areas are always a mess - even though i am a leaseholder when there are jobs and repairs to do, I pay a part contribution towards these as do the toher fla
  23. I bought a flat in a covered house last year. I own half the freehold and have a 999 year lease on the flat. There's a possibility of purchasing the remaining flat, also with a 999 year lease, which has the other half of the freehold. I'll need a mortgage on the new flat - but have been warned that mortgage companies don't like owners to have both the freeholds and the leases. Is the solution to: 1) Set up a limited company & put both the freeholds in there with 2 shares? Then incorporate into each lease a requirement of any subsequent flat owner to take up membership of the freehold c
  24. Hi, I am looking to purchase a flat that comes with a share of the freehold, however it also has a lease of 89 years unexpired. How are the lease terms decided if I get a share of the freehold with the flat? Amanda
  25. I posted a question recently about what you would do if you were given 200k. The kind reply I received raised another question so I have posted in this new thread. We purchased a leasehold property and it has pretty much been a nightmare. I feel quite embarrassed to admit the following but I guess that is what somehow drove me to look into a property portfolio - i.e. You seem to learn SO much the first time round and would never do it the same again...I wont give you all the blow by blows, but here it is in a nutshell: During completion (probate sale), the freeholder was almost entire
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