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To give an idea, I'm a joint freeholder (house with two flats).
I recently did a loft conversion, it required the agreement of the other flat but that was a ten minute conversation with him saying, sure go for it.
I've also replaced a load of windows which just required a quick heads up and extended my lease to 999 years which cost about £400 in legal fees.
All of those would require permission and possibly substantial fees if I didn't have the freehold.
aggi
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?