Shared Freehold

[leedoolan]

I am wanting to buy a flat, that is leasehold.

Upon buying the flat i will automatically be shared owner of the freehold and have say over its managment, with 7 other owners.

Unfortunately there is a clause in the lease saying I cannot rent out the flat, and my mortgage provide won't release funds on a buy to let mortgage.

Is thre any insurances etc, or a way I can persuade the provide to release the funds? Or is the fact that I part own the freehold enough?

Thanks for any advice,

Lee

[Poppy]

Please be more specific. Why do you want to breach the conditions of the lease before you have even bought it? Why are you trying to persuade the mortgage lender to provide a buy to let mortgage?

Just because you may be purchasing a share of the freehold - that does not give you carte blanche.

[leedoolan]

Basically it is to simply refurbish and rent out. It is in a good location too and have a tenants already lined up.

I just want to explore all avenues before giving up on it. I just thought as the shared freeholder I could maybe persuade the mortgage provider with a lump sum, or insurance policy.

Apologies for my naivety,

Lee

[Sam]

If there is a clause in the lease that says you can't rent it out then you can't rent it out. Being a freeholder doesn't give you the right to breach the lease. Freeholder still have to manage according to the lease. You are 1 of 7 and what if the other freeholders and residents (who aren't freeholders) object.