UK Landlord Forum / Life

Hi Im a first time buyer from nottingham  whos looking to purchase an apartment.I have put an offer in and the seller has agreed a price and at the moment both our solicitors are talking to each other.
At the moment the leasehold is 122 yrs and will be expected to pay around £1255 a year service charge thats including lift and concierge and ground rent of £255 a year.
There is a plan that the buildings will go from leasehold to freehold there are 97 appartments in the complex of which 60 odd have agreed but 30 havnt.
I always thought if given the chance to go the freehold route as to have a vote etc but reallistically how much would this cost to go freehold and how damaging is it if a third of the appartments dont agree?

Any other information can be provided also if theres any links or who best to speak to would be greatly appreciated as im in a right quandry about this.

Have you spoke to your conveyancing solicitor about this? He/she should know all the facts about the lease and freehold complications.

Who is going to own the actual freehold of the block once the flats turn freehold?

There is new legislation that enables so-called freehold flats to be sold but I'm not sure the complications are worth it. You have to set up a special kind of company to own the freehold which the eventual unit holders will have shares in. You can't simply sell the flats freehold without this as they would be unmortgageable!

Cheers for the feedback but what questions should I  be asking my solicitor?

If I was in your position, i would ask the following questions:

1: if I own the freehold to the flat, who owns the land the flat is built on?
2: how would maintenance fees be paid? Same as if leasehold?
3: do all leaseholders have to agree or does a majority count make the decision?
4: do I have to pay to for the lease to change to freehold? If so, how much?

Thnx again for your response but is there anyone else out there who has had to make this decision and what was the end result good or bad?
Also is there any links or forums i can goto to gather more information?