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When you purchase a property why is the lease owned by someone else e.g. local authority and what does this mean exactly? Can the lease be negotiated for freehold and what kind of costs would that involve?

Asked on Jun 18 2011, General in Bromley | Report content

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  • I can help you, but let me know how long is left on the lease please. How long was it when it originally started? I am assuming you are purchasing an ex-council apartment? If that is the case, your chances of obtaining the freehold are 0.00000001% But that's nothing to worry about - in fact it is a good thing .. trust me. Freehold means you own from the centre of the earth to the stars. Therefore, if you have a flat on top of another flat - both can't own the freehold - as they are in the same space (if you were looking at the from above). If you want my personal thoughts - send me an email. I don't want anything for that - just happy to help. Christopher

    Answered on Jun 19 2011, Report content
  • This a house conversion of which I have noted there are many who have share of freehold. Can you tell me more about this? The current leasehold is held by the local council, would if be possible to obtain freehold if other 3 owners of their flats in agreement. Thank you

    Answered on Jun 22 2011, Report content
  • In theory, depending how long is left on the lease, there is legislation that allows the leaseholders to buy the freehold. However, in this situtaion I WOULD NOT BUY IT .. it will cause more trouble than its worth. Just trust me. It wont make the leasehold worth anymore.. in fact it might reduce the value. It is what it is .. leasehold ... email me privately for more detials

    Answered on Jun 22 2011, Report content
  • I duly note your comment leashold is what it is. Perhaps you can let me know should this influence my offer on the property I am interested in?

    Answered on Jun 25 2011, Report content

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