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Owner has gone into administration

Property is leasehold and the owner of the buildings has gone into administration. To buy or not to buy apartment?

Asked on May 12 2011, General in Barton-upon-Humber | Report content

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  • An absentee freeholder is not the ideal situation to be in, however if the price reflects the problem, it may be worth considering.

    Answered on May 13 2011, Report content
  • You would need to contact all the other leaseholders in the building, and if agreeable get together and open your own Management Company / or employ an agent to do this, and then apply to the Land Registry to register your official interest - after several years you could apply for the ownership of the Freehold, but check first if the Freehold was charged to a bank / lender as if this is the case then the bank will take ownership and either sell on the freehold interest or put in a Managing agent.

    Answered on May 13 2011, Report content

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