Freehold Query

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fender

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Three other owners and I each own an apartment in a 4 apartment old house.
The freehold runs out in about 85 years so we need to sort this now.

However, there is a serious disagreement between two of the owners as to who should hold the title.

One feels that it should be held by the management company and the other feels that it should be held by the 4 individuals with the management company owning title of the common areas.

Both parties have differing legal advise.

Does anybody have any experience of this issue?
 
Sorry there is 87 yearly left on the leasehold but it is the freehold that we need to buy.
 
Apartments can never buy out the freehold. The freeholder is the person who owns the land. If you are in an apartment block with an apartment over or under your apartment , How could either of you own the ground under your apartment as it is the same piece of land. You will have to get your lease extended.
 
Itchycoopark said:
Apartments can never buy out the freehold. The freeholder is the person who owns the land. If you are in an apartment block with an apartment over or under your apartment , How could either of you own the ground under your apartment as it is the same piece of land. You will have to get your lease extended.
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In the OP's case there is the potential for the four owners to purchase the freehold, provided they all come to agreement on how that ownership would be structured and managed between them going forward.
 
THe management co should purchase the freehold and then all shareholders will own shares in the OMC which holds the freehold title.
This is a good thing to do as you all end up owning better title and the costs should be relatively low.I own an apartment in a block of 5 but our leasehold title has c.600years to run.
Management companies controlled by small numbers is not always a good thing!
 
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