Buying whole share of freehold

[juan]

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 share of freehold.

The first floor neighbor thinks it'd be great but he hasn't the funds to buy his share of the freehold.

I'm thinking on buying the share of the freehold for the two flats so I can agree with him to pay me back the loan gradually and agreeing on the new lease to grant me permission to extend the property as I wish.

Can you see people any benefit on buying it on terms of investment?

What'd be the pros / cons for this?

I know all the steps, like me having to set up a limited company for managing the new freehold, still needing the green light from the other neighbor for structural works on the property unless stated otherwise on the new lease, etc..

The transaction can be around £10k so I'm not sure whether it's worth or I'd be better asking just for consent to the freehold so I can perform the structural works I need for extending.

I'm just trying to weight up if on the event of me asking again for consent (there's costs involved on this as well) I'll be ending spending the same and if the fact of owning the freehold would have any kind of benefit I may be missing investing wise.

Many thanks,
Juan