Share of Freehold and short Leasehold

[freshfruit]

Had a good look through the archives but didn't find anything exactly answering my questions.

I am hoping to put an offer in on a flat in an old house that has been converted into a 8 properties. The tenure is a share of the freehold, and a leasehold. The leasehold has 72 years remaning of 99 years (when the building was converted, free / leaseholds set up etc).

My questions are - should I be worried that the leashold is so short?, can the freeholders collectively renew the lease? if so does this have any financial implication?, and if so what happens if say one freeholder decides they can't be bothered?

Thanks in advance :) James

[Kimthurston]

Assuming the other Lessees also own a share and are willing to "comply" (and why wouldn't they, the Lease is getting pretty short), then you shouldn't have a problem. The Freeholders would all have to join in and each separate flat owner would be required to enter into a Deed of Variation, thereby varying the term of years back to the original 99. If one declines to do so, then he/she is really only prejudicing his chances of finding a suitable Buyer and, if one Solicitor is instructed, that should cut the costs down as the Deeds of Variation will be identical (save for each address of course)! Hope that helps

[freshfruit]

Thanks Kim, that's really useful :)