1. You are buying a LEASEHOLD. The register entries sound correct.
2. The FREEHOLD REVERSION, i.e. the freehold estate subject to both leases, might be in joint names of the two flats' leaseholders (i.e. your vendor + other flat)- see Proprietorship Register of freehold title- or in someone else's name [unlikely]. In the former case, the f/r wil be transferred so that your 50% share is reflected in the same way as your vendor's is.
The restriction simply means that, if one of f/r owners dies, his/her share does not pass to other one but, instead, into Deceased's estate- distributed under Will or on intestacy.
3. Service charge provisions demand that all maintenance/repair/insurance of structure is paid as to 50% by each flat.
Leasehold is one of the only two acceptable ways to divide a building horizontally. The only other way is called Commonhold.
Please contact me direct (see TOPIC EXPERTS page) if you need to know more.
Last edited by jeffrey; 09-08-2007 at 11:00 AM.
JEFFREY SHAW, solicitor [and Topic Expert], Nether Edge Law*
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