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Share of Freehold (FH)

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Author Topic: Share of Freehold (FH)  (Read 188 times)
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« on: January 01, 2020, 02:11:10 PM »

I own 1 flat in a block of 3 flats.
Together the 3 landladies own equal shares of the FH.
The flats have been owned by current LLs many years.
With little maintenance done over the whole ownership period.

I would like to sell my flat and the related FH, but the freehold is separate from the flat.
To sell the FH I need the consent of the other Freeholders!!!

They are trying to use this as a lever to extract money from me. They want me to pay money to a fund. This is rediculous and just exploitation.
As I understand the only issue that can legally prevent them giving consent is if there are outstanding bills.

There are no such bills outstanding at this time so what legal measures can I use to protect myself and expedite the transfer of FH process without the other LLs exploiting me.

Thanks
Stephanie
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« Reply #1 on: January 02, 2020, 03:25:15 PM »

Is it a Sinking Fund?

If so, you would expect all three to be paying the same equal amount, or something apportioned as described in either Freehold documents or the Leasehold - is that's what is happening? Or are you being asked to stump-up some money alone?

If the notion of a Sinking Fund has been ignored over the years, and a review of documentation (due to you, necessarily, bringing it to light) has effectively brought this to the attention of everyone, and everyone is paying the same, then it kinda seems like a good idea to get the Sinking Fund into a healthy position while they have you over a barrel... better to address shortcomings in the past, rather than get someone new in who might be surprised by it all... as it seems (from what you're saying) that you can't move forward without acceding to their demands.

If everyone agrees maintenance has been ignored for, say - a decade, and they want to address it - equally - now... good idea. So, if you're all putting in 3,333 to make a nice Sinking Fund of 10,000... bearing in mind you've all been lax in the last decade... good idea.
« Last Edit: January 02, 2020, 03:27:05 PM by Hippogriff »
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I like property

« Reply #2 on: January 02, 2020, 07:02:02 PM »

This is about reasonable grounds for withholding consent.
There are no outstanding issues at the time the request is made.
Only after they've received my notice to sell had this become an issue.
This is clearly a blatant attempt to exploit the situation.
It doesn't matter who pays for work in the future, me or the next owner of my apartment; it amounts to the same outcome.
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« Reply #3 on: January 03, 2020, 08:39:33 AM »

You're upset and not thinking clearly.

I've asked some questions about whether they're trying to bolster a Sinking Fund equally... didn't you want to answer that?

At the end of the day, someone is withholding something you want... best to be pragmatic, otherwise it could be a long and expensive battle. Think more clearly.
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