O/T: Extending leases

[Vindec]

Much depends on the nature of the flat and who owns the freehold. Is it a purpose built block or a converted house into flats for example. Possibly better for all leaseholders to buy the freehold at the same time as legal costs will be shared. However, if you live in a purpose built block you buying the lease alone could adversely affect the other owners as you will not be required to pay the management charge meaning other leaseholders would have to pick up the tab. The price will depend how long there is left on the lease; the shorter the time the greater the cost. It can be a very complex area but do some research first. When you are in a position to provide much more information I suggest you ask the question on the legal board of lemon fool.

[Igovernor]

Much depends on the nature of the flat and who owns the freehold. Is it a purpose built block or a converted house into flats for example. Possibly better for all leaseholders to buy the freehold at the same time as legal costs will be shared. However, if you live in a purpose built block you buying the lease alone could adversely affect the other owners as you will not be required to pay the management charge meaning other leaseholders would have to pick up the tab. The price will depend how long there is left on the lease; the shorter the time the greater the cost. It can be a very complex area but do some research first. When you are in a position to provide much more information I suggest you ask the question on the legal board of lemon fool.

In a block of flats you cannot individually buy a the freehold, there is a percentage of all the leasholders that have to be met before you are able to collectively buy a share of the freehold, and after that you would have to form or employ a maintenance company to look after the property, one big adavantage that you would have is that you would not have to pay ground rent.