UK Landlord Forum / Life

Hi.  I hope someone can advise please.  I am in the process of buying a leasehold flat but have been told that there is no one owning the freehold at the moment.  I don't understand the implications of this.  Can someone let me know what this may mean to me if I were to actually purchase the flat?   also would you buy a leasehold flats without a freehold owner and if not why not?    thanks very much.

Additionally, I don't understand the implications... but I would also never buy a leasehold flat, full-stop.

I say this because I have done in the past and I have learned my lesson. Too many uncontrollable aspects, mainly the service charge. If your flat doesn't have this kind of thing then that's OK, but rare. Any sizeable block will surely have this and someone must be providing the maintenance? The issue with it is that it might be reasonable in 2015... but it might jump at any time and it's generally outside your control.

I would be wary. I assume you have a Conveyancer involved? Time for them to earn their pay...

This is your call.

It has to be a brilliant deal, like 40% off, for me to even look at it.

Worst case is you would have to assume ALL THE RESPONSIBILITIES OF THE FREEHOLDER, as when things need doing, they need doing, and you might be the only one able/willing to pay.

I would also consider asking the seller to provide you with indemnity insurance.

But again, the numbers have to work well to cover the risk, if this wasn't flagged on the sales particulars, dont run scared, you might just get away with dropping your price by 20%.