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Pros and cons of buying share of Freehold flat?

A property is up for sale as Freehold which consists of two flats and a cafe underneath. These are being sold separately with 1/3 of freehold to each. I am looking to purchase one of the flats. What are the pros and cons of this type of purchase? Would be cash sale.

Asked on Jun 4 2013, General in Northampton | Report content

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  • It's mostly pros, as you control the freehold. Make sure there is some form of arbitration in case the freeholders cant agree on matters. Good luck Christopher

    Answered on Jun 4 2013, Report content
  • I agree. The main time that you have problems with leaseholds is when some unscrupulous freeholder tries to chisel you annually, or prevent you extending your lease term. Clearly you guys will all allow each other to extend free of charge, and maintenance will be fairly split.

    Web reference: http://www.diligentinvestments.com/repossessions/

    Answered on Oct 9 2013, Report content
  • Where a commercial property is involved you will need specialist advice before committing to purchase. The Cafe owner will probably have very different priorities from the flat owners. The management of the building will be regulated by the leases granted so you will need to ensure that your interests are safeguarded.

    Web reference: http://www.CapitalLeasehold.co.uk

    Answered on Jul 30 2014, Report content

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