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Thomas
Thomas, Lawyer
Category: UK Property Law
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Experience:  BA (Hons), PgDip, Practising Solicitor
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If I wanted to transfer from shared freehold to setting up

Resolved Question:

If I wanted to transfer from shared freehold to setting up a management company with four equal shares to own the freehold, how would I go about this and how much ( roughly ) would this cost ?
Submitted: 1 year ago.
Category: UK Property Law
Expert:  Thomas replied 1 year ago.
Hi

Thanks for requesting me.

You would need to do two things.

First you would have to instruct a solicitor ti forn a company and draft the Articles of Association for the company to define the ability of the company to manage the freehold. This should cost around £700.

The second thing you would have to do would be ti transfer the freehold in to the company's name. This would involve contacting the other freeholders and getting their consent. This should cost around 500.

It maybe that the leases require deeds of variation to obligate the lesees to pay service charge/griund rent to the freehold company and reimburse insurance payments. This would cist around 200 per lease.

There would be vat on top of all the above figures.

If this is useful please rate my answer as okay service or above.

Kind regards

Tom
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 6525
Experience: BA (Hons), PgDip, Practising Solicitor
Thomas and other UK Property Law Specialists are ready to help you
Customer: replied 1 year ago.

Is there any other way we can put an arrangement in place so that when we sell our properties, our purchaser replaces us on the freehold without having to get signatures from all the existing freeholders ? I've heard about a Deed of Agreement but not sure if this would be appropriate.

Expert:  Thomas replied 1 year ago.
Hi

Not really I'm afraid. Its either holding as a management company and transfering share certificates uoon sale OR holding with the lessees as freehioders and executing transfers upon completion of each sale..

Tom
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 6525
Experience: BA (Hons), PgDip, Practising Solicitor
Thomas and other UK Property Law Specialists are ready to help you

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