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2 leasehold maisonette flats in a semi detached house. I own the ground floor. The guy upstairs (an estate agent owner by day) has suggested we buy the freehold. I'm clear on the advantages, but what are the downsides to this?
There ARE downsides and Howard is right to point them out. But compared to the risk of some aggressive third party freeholder buying your freehold at auction and making your life a misery with jumped up charges? Minimal. Go in.
ReekBlefs-
I'm still not sure about this. I can't see why the guy upstairs wants to do it, he said its a good time as the valuation will be low atm due to covid and he also doesn't want to "remember to pay the ground rent/extend the lease" (his lease is 125 years). Does he want to do it so its easier to extend his flat or something? Or is it just to add value for sale?
Tbh, I don't really trust the guy (he has builders in building a huge "shed" built during lockdown in his garden, one for the bastard neighbours thread) so I feel there could be hassle in the future if we're both freeholders. If I extend my lease through the formal route, my ground rent will be peppercorn rent (zero) so having thought about it I actually don't see that much advantage to being a freeholder?
damitamit
2 leasehold maisonette flats in a semi detached house. I own the ground floor. The guy upstairs (an estate agent owner by day) has suggested we buy the freehold. I'm clear on the advantages, but what are the downsides to this?
My lease has 81.5 years left so I'll be spending some money imminently (before it hits 80) either way.