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Share of freehold in a block of flats

Is it a good or bad thing to be sold a share of the freehold when buying a flat in a large block?

Asked on Nov 6 2013, General in Poole | Report content

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  • I think holding a share in the freehold is an asset.

    Answered on Nov 6 2013, Report content
  • Hi Mattfox2u, I can't see any reason why owning a share of the freehold in a block of flats would have. It would mean you having a say, along with other freeholders in any decisions that need to be made over the externals and all internal shared parts of the block, and while you would also be responsible for these, it is always better to have a voice with regards to these things. The biggest advantage to this over having a leasehold would be the fact that you would be exempt from issues such as a shorter lease remaining in a number of years making it hard to sell because your buyer can't get a mortgage (most lenders will not approve a purchase of a leasehold home that has less than 70 years remaining on the lease.) Many thanks, Scott

    Answered on Dec 3 2013, Report content

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