UK Landlord Forum / Life

I have 3 studio flats in a purpose-built block of 8.The same builder owned some maisonettes opposite,making 16 in all.A few years ago the leaseholder went into liquidation,and the control was passed to the Crown.I have been in correspondence with the solicitors appointed by the Crown,with a view to purchasing the remaining 66 years leases.A couple of owners in the maisonettes have done likewise.As things stand,no one can sell until this is resolved.We are trying to ascertain if owners can buy independently,or if all 16 have to apply.

There never has been any management fee,just ground rent,and decorating or repairs of common areas has been a nightmare to organise.

I could have done without this expense right now,but can see no alternative,especially as it will become more costly the shorter the lease.It seems I could then rewind the lease back to 99 years at little cost. Is it true that the flats will become more marketable if freehold? Also,on that basis,would I recoup any of my outlay by appreciation in value when selling? I have no immediate plans to sell b.t.w.,they bring in a steady reliable income.Only one has any outstanding mortgage.

Quote from: heavykarma on December 15, 2016, 03:00:57 PMIs it true that the flats will become more marketable if freehold?

I would certainly expect so, yes. Freehold trumps Leasehold every time.

Thanks Hippogriff.The next stage is getting consensus from the other 15 owners.Hell is other people.