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View Full Version : Should I keep freehold for two flats in converted house?


JackyT
09-08-2007, 20:44 PM
I am having problems selling my flat (one of two in a converted house which are let to tenants). The owner of the other flat, the co-freeholder, has held up the sale for 18 months in different ways, the final one being refusing to sign the Stamp Duty Land Tax form. The buyer has suggested he just purchase the lease and I retain the freehold, this way the sale can go through, apparently.
What responsibilities would I have if I kept the freehold, will it cost me?
Thank you in anticipation
jeffrey
10-08-2007, 08:56 AM
Freehold reversioners' duties appear in lease. You could keep f/r in joint names of yourself + other flat's lessee, unless lease states that it has to be transferred. The only other way would be v. slow and expensive: suing other flat's lessee to compel joining in f/r transfer.
tenant29
10-08-2007, 19:28 PM
Why not enter a claim in the small claims court for loss of interest over 18 months on the sale proceeds ?. For any claims below 1000 pounds , the court fee is only 34 pounds. I am sure this will give him the urge to sign.
JackyT
12-08-2007, 18:37 PM
Many thanks for your replies, my solicitor did suggest suing her but said it would cost a lot as I would need council etc. I have already spent so much, due to the property being empty as I assumed the sale would be quick!!!!
I will look into the small claims court suggestion, it could be a good way to go.
Thanks again
Richard Webster
13-08-2007, 07:59 AM
The owner of the other flat, the co-freeholder, has held up the sale for 18 months in different ways

Your solicitor should have warned you about the possibility of problems like this occurring when you bought the flat.

When the other flat owner wants to sell it is quite likely that his buyer will want to acquire a share in the freehold and if you retain it, at that point you can offer to sort it all out (provided you are paid for the hassle and your solicitor's costs.)

As a conveyancing solicitor I believe the information given in the post to be useful but I accept no liability except to fee-paying clients