I am going through the process of buying a Maisonette with share of freehold. Its effectively a Maisonette (ground) and someone else has the upstairs
I've been given a whole wad of papers by my fairly unheldful solicitor
1. A leasehold document... This was set out in 1970 on 99 years and has 67 years to run. There is a £20 annual rent and insurance
Solictor stated that it was fairly academic and that to have a share of freehold you needed (for legal simplicity) to have a leasehold contract as well - that I'm stumped by
Why do I need to have a leasehold contract?
When the property was split into maisonettes the 2 property sections freehold was granted to the upstairs and downstairs but the people doing this retained a leasehold interest...........?
The leasehold register is split into:
Property register (a) - the people named are the ones who started the lease in 1970, not the current owners
Proprietorship register (b) on title absolute is the person/peoplle who currently own the property
My solicitor tells me its all academic and that I own the leasehold and the freehold. The £20 will never be paid and that the person named from 1970 is simply historical and that I can extend the leasehold to 999 years but theres no point as it doesnt mean anything and it'll cost me about £500 in costs and land registry stuff
The upstairs has the same lease agreement
Theres a tonne of restrictive covenants but these seem to come from when the 1st purchase was done back 100 years ago
2. Then theres the freehold
This contains the following restriction in the title absolute which I dont understand
''No disposition by a sole proprietor of the registered estate (except a Trust coporation) under which capital money arises is to be registered unless authoirsed by an order of the court''
The charges register states as a last point
''The parts of the land affected thereby are subject to the lease set out in the schedules of leases hereto. The leases grant and reserve easements as therein mentioned'' - goobledigook
This also contains a tonne of restrictive covenants
3. Then theres some info on the lease clauses taken out in 1970. This effectively states that a fair share of costs be imposed. So if the roof needs repairing then I would have to share the cost..... seems a bit odd as the loft area has been converted.........
I guess I'm after some comfort that having a lease with SOF is normal and that I am the actual owner of the property and the land (50% at least anyway)
Is the leasehold taken out to cement the covenants of the SOF - is this the only way it can be done?