Leasehold to Freehold

[4rby]

Hello,

Has anyone on here converted thier London property from leasehold to freehold. I have a flat in Pimlico which is part of an old house, the other flat owners are keen to group together and purchase the freehold as well.

Just looking for any "I did it but would not do this/that if I had to do it again" type replies.

Or "I used x lawyer and he/she was bloody good..."

Thanks again PH collective,

James

[Davel]

Why don't you write collectively to the owner of the freehold stating that you'd like to purchase it and is he/she prepared to negotiate a deal.

[billsnemesis]

Although it ispossible to operate a DIY approach I would recommend using a solicitor, and not just because our firm does this kind of work

There is a process under which you can compel the freehold to sell to the tenants collectively even if the freeholder does not want to. The catch is that you have to go through the process and it can be pretty torturous. If you want to save the time and hassle I would suggest getting a lawyer to do it for you. Email me if you want some more information and an estimate

Just one point to correct, your flats will still be leasehold, so it is not a leasehold to freehold conversion, and the freehold will have to be held in a company where the residents have the shares. The benefit is that you have control of your own collective destinies.

There are other advantages and some disadvantages to buying the freehold but I would always recommend it where you have the chance and the support of enough tenants

You should also make sure the valuation is not going to cause problems. You could end up having to pay as much as 20 times the rent, so if you are paying £250 a year per flat you might have to pay £5000 each for the freehold

[4rby]

Much appreciated.... have sent a PM
4rby