Who qualifies to buy freehold rev. (flats)?

[S KARAN]

I was going to extent the lease before (even I agreed a price with Landlord (Note Vendors solicitors served a notice to the landlord during the completion and then they transferred to me when I was buying the flat) due to landlord inserting this clause sec61 now I am planning to buy the freehold. I owned my property for only 5 months. This freehold involves 2 flats. Other lessee said that she cannot afford to buy the freehold jointly but she is prepared to support me to buy the freehold on my own. Even though I owned the property 5 months and on my own/9i.e not jointly) can I buy the freehold for the 2 flats. Please advice me.

[jeffrey]

I was going to extent the lease before (even I agreed a price with Landlord (Note Vendors solicitors served a notice to the landlord during the completion and then they transferred to me when I was buying the flat) due to landlord inserting this clause sec61 now I am planning to buy the freehold. I owned my property for only 5 months. This freehold involves 2 flats. Other lessee said that she cannot afford to buy the freehold jointly but she is prepared to support me to buy the freehold on my own. Even though I owned the property 5 months and on my own/9i.e not jointly) can I buy the freehold for the 2 flats. Please advice me.

Yes. There is no two-year hurdle for lessee(s) enfranchising flats- only for leasehold extension.

[TomMerralls]

I agree. Assuming your freeholder will not sell (or will sell but at a price that you cannot agree), you will need to serve a formal notice under s.13 of the 1993 Act.

Upon acquiring the freehold, you will both be named as owners of the freehold. However, you can specify (in a document known as a Declaration of Trust) that you and your neighbour hold the freehold title for the sole benefit of you. This means that, although both your names must be registered as the owners, you are effectively the only owner of the freehold title. To all intents and purposes it's yours alone.

[S KARAN]

Thank you for giving me very informative points.

[jeffrey]

Other lessee said that she cannot afford to buy the freehold jointly but she is prepared to support me to buy the freehold on my own.
Another possibility: why not consider this?
1. You + other lessee jointly buy f/r.
2. Problem: she cannot pay her 50%.
3. Solution: you lend her the cash, secured by mortgage [created by her, in your favour] on her- existing- leasehold interest.

[tenant29]

She could borrow the 50% share of cost by a top up loan from her mortgage lender. Then she pays her annual " ground rent" money to her mortgage company.

[jeffrey]

She could borrow the 50% share of cost by a top up loan from her mortgage lender. Then she pays her annual " ground rent" money to her mortgage company.

1. Yes, she could borrow from existing mortgagee M (rather than from OP).
2. No, she would not pay 'ground rent' to M- merely extra interest on mortgage debt.