How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Thomas Your Own Question

Thomas
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 6511
Experience:  BA (Hons), PgDip, Practising Solicitor
28732269
Type Your UK Property Law Question Here...
Thomas is online now
A new question is answered every 9 seconds

I recently bought a ground floor maisonette with 900 years

Resolved Question:

I recently bought a ground floor maisonette with 900 years lease remaining. There is one other flat sold above mine with 90 years lease left.The freeholder asked me if I would be interested in buying a freehold for both properties thus having a freehold to the whole terraced house. Please advise if there are any advantages in doing so .
Thank you
Mrs.D.Harrison
Submitted: 3 years ago.
Category: UK Property Law
Expert:  Thomas replied 3 years ago.

Good Morning,

 

If you are also the freeholder then it affords you a number of advantages.

 

As freeholder it would be for you to permit any request by the lessee of the other flat the right of extending their lease to 999 years. You would be able to charge a fee for this. The reality is that lenders will usually lend on a leasehold property where they is 70 years remaining on the lease so any purchaser of the above flat would be able to purchase for another 20-30 years without needing to extend.

 

Similarly, if in future you required to vary the terms of the leases for whatever reasons (eg. modification of a covenant contained within the Lease) then you would need the consent of the landlord, which would be you if you bought the freehold. If it wasn't then it would be for the current landlord to decide whether they wished to charge a fee for this, and there may also be problems getting in touch with the landlord so there is also a practical advantage to be had.

 

You would also have the right to receive the ground rent payable by the other lessee.

 

It also affords advantages in enforcing covenants/rights against the other lessee in that you would not need to make the current landlord a party to proceedings.

 

If this is useful please kindly click accept so that I may be rewarded for my time. You will be free to ask follow up questions.


Kind regards,


Tom

Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 6511
Experience: BA (Hons), PgDip, Practising Solicitor
Thomas and 4 other UK Property Law Specialists are ready to help you
Customer: replied 3 years ago.
Thank you for highlighting all the advantages, are there any disadvantages ? Also what would be a reasonable fee to pay for a freehold. I paid £ 188,000.00 for 990 years lease.
Expert:  Thomas replied 3 years ago.

Hi,

 

There are not a great deal of disadvantages, save that the lease to the top floor flat will contain lessor's covenants in the same way that yours does - it will be your responsibility to comply with these if you become the freeholder.

 

I cannot really say, you would have to speak with the agent about the value of it as they will have knowledge of the local area. But it will probably be thousands, rather than tens of thousands. You will certainly be able to negotiate with the current landlord on the price as well. Chances are that he'll be quite grateful to get rid.


Trust this clarifies, if so please click accept.


Kind regards,


Tom

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick Leeds, UK
< Last | Next >
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick Leeds, UK
  • I did not know a French Law service existed and I was very impressed with the speed of reply --- very professional. Many thanks! Ms. Baker Alfafar, Spain
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie USA
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
 
 
 

Meet The Experts:

 
 
 
  • Joshua

    Lawyer

    Satisfied Customers:

    4433
    LL.B (Hons), Higher Prof. Dip. Law & Practice
< Last | Next >
  • http://ww2.justanswer.com/uploads/JO/Josh2010/2012-4-29_19490_GettyImages80121770B.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    4433
    LL.B (Hons), Higher Prof. Dip. Law & Practice
  • http://ww2.justanswer.com/uploads/TO/touchwoodsden/JA.64x64.jpg Law Denning's Avatar

    Law Denning

    Solicitor

    Satisfied Customers:

    2289
    PGD Law. 20 years legal profession, 6 as partner in High Street practice
  • http://ww2.justanswer.com/uploads/RE/Remus2004/2012-4-22_93111_2bigstockPortraitOfConfidentFemaleL6943985.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    2244
    Over 5 years in practice.
  • http://ww2.justanswer.com/uploads/TG/TGraham12/2012-7-17_81212_bigstockBusinessHandshake508163.64x64.jpg Thomas's Avatar

    Thomas

    Lawyer

    Satisfied Customers:

    1198
    BA (Hons), PgDip, Practising Solicitor
  • http://ww2.justanswer.com/uploads/CH/chathamchamber/2011-4-24_191833_1.64x64.jpg INC's Avatar

    INC

    Solicitor-Advocate

    Satisfied Customers:

    809
    LL.B, Pg.Dip, LL.M, M.B.A (Pending), Solicitor-Advocate. UK Practising Certificate issued by SRA., DIFC Courts Registered (Dubai)
  • http://ww2.justanswer.com/uploads/AJ/ajlaj01/2012-5-9_14051_Profile1.64x64.jpg Alex J.'s Avatar

    Alex J.

    Law

    Satisfied Customers:

    400
    LPC, 2 Years Conveyancing
  • http://ww2.justanswer.com/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    212
    Barrister 17 years experience