Leasehold Issue

[paoloh]

Evening everyone,

Any help greatly appreciated.

My wife and I own a rental flat that is mortgaged, the freeholder is allowing the building to fall into such a bad state of repair in the hope of forcing us out as he wants to knock the block down. He owns 8 of the 9 flats.

We called our mortgage company and they generally said, it's your problem, deal with it....

We can't find a tenant due to water ingress and we have already spent thousands maintaining the building.

What are our options?

[paoloh]

Oh we tried that, he offered £50k.

It's value is £100k if building was right.

[paoloh]

Does mortgage company have a legal obligation to get involved?

[paoloh]

It isn't.

We'd be left about £10k out of pocket plus the large deposit we paid.

We'd lose about £30k in total.

[paoloh]

Surveyor

Both great ideas if we weren't a very minor leaseholder.

He owns 90% of the flats too

[paoloh]

Elanfan

Our property is not in a rentable condition.

We can't stomach the mortgage much longer on top of the funds already spent.

[paoloh]

Thank you Wings!

[paoloh]

JPJPJP said:

Why not offer it him for £90k

On the basis that you have already taken legal advice and are ready to push for the repairs etc. if £90k isn't forthcoming?

It might be worth £40k over his initial offer to get the full ownership

We said he could have it for £75k.

He said no.

He knows he holds all the cards and is just pushing us to brink of falling over.