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Buying a freehold flat

I am interested in buying a ground floor flat in a converted house, but have just discovered that it is freehold and all the other flats are too. They do not have a share in the freehold, they are freehold. I understand that each flat has to do its own repairs, but what repercussions does this have? Will it affect the re-sale of the property (as I gather mortgages are hard to obtain (luckily I don't need one). What would happen if one of the flats got into a terrible state that affected my property? Would I have any come back? Should I avoid the plague/proceed with caution/relax about it all and buy it?

Asked on Apr 20 2013, House Prices in Weston-super-Mare | Report content

Answers (1)

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  • Freehold is a plus, but you won't have a leaseholder to be responsible for the general maintenance of the property, although it proves difficult for many to get the leaseholder to maintain to the standard they expect. Freehold should mean the flat has more value. You are not paying large fees for work which might not get done, being able to save up and maintain your own property when needed is a bonus to some. But you are right in that you can't always force people to do necessary work. Look into the deeds and any covenant wording, there may be something there which states works to maintain the property must be carried out when needed, and it might include all flat owners contributing to the costs in maintaining any communal areas including external work needed. I wouldn’t be too put off, look at the general condition of the property and try to speak to some residents, you might find everyone is happy to keep the building in good condition, and/or is obliged to.

    Answered on Apr 21 2013, Report content

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