Ericthelobster
29-07-2005, 10:24 AM
I'm looking seriously at purchasing a property which has been subdivided into 3 self-contained flats, in order to let them out. The purchase would be of the freehold of the whole building (in England).
What I'd like to know is, what would happen if some time in the future I wanted to sell the flats as individual properties? I'm thinking I could sell freehold of each I suppose, and retain the freehold of the building - that would presumably make me liable for maintenance of the fabric of the building, buildings insurance etc, right?
Assuming I didn't want that responsibility, is it possible to sell on the freehold of each flat separately? Could liability for the three flats be apportioned accordingly? What happens about buildings insurance?
What would be the 'normal' scenario for individual ownership of flats within a conversion?
Thanks!
What I'd like to know is, what would happen if some time in the future I wanted to sell the flats as individual properties? I'm thinking I could sell freehold of each I suppose, and retain the freehold of the building - that would presumably make me liable for maintenance of the fabric of the building, buildings insurance etc, right?
Assuming I didn't want that responsibility, is it possible to sell on the freehold of each flat separately? Could liability for the three flats be apportioned accordingly? What happens about buildings insurance?
What would be the 'normal' scenario for individual ownership of flats within a conversion?
Thanks!