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Why do you think owning share of freehold is a bad thing? It's a good thing!
You own the property and the land it sits on.
Lease extension is easy and much much cheaper.
Want to alter it internally - all you need is permission from the other freeholder.
You don't pay ground rent.
You don't get ripped off by the freeholder for maintenance fees.
You want a pet - great go get one. -
If it's a true freehold flat then it's likely unmortgageable with some lenders, but I assume you already googled this.
http://www.fridaysmove.com/why-lenders-do-not-wish-lend-freehold-flats/13225
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I live in a share of freehold property, a house converted into 7 flats. It's fine, like any other, except you don't have to worry about the lease so much. in our case, basically you own a share of a company that owns the whole house. It can be a bit of a pain in the ass dealing with the other neighbours but ours are pretty nice and we make a bit of an effort to stay on good terms. however there is still a lease (you lease the flat off of the company you part own) so ensure the underlying lease is long enough to be acceptable to your bank. Ours wasn't so we got the seller to extend the lease to 150 years (cost them something like £2.5k).
PM me if you need ay proper / longer advice
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Trunkie
NickCJ
fredtc
@pifko
Just viewed a lovely 3-bed flat, bang on our budget. House converted into 2 flats.
But it's a freehold flat apparently. Does anyone have any positive experiences or should I just forget all about it?
Apparently the upstairs flat is very amicable and pay half the buildings insurance and any maintenance...