Share of Freehold

[Sweet G]

Looked at flat today where the guy upstairs owned my freehold and I would own his if I bought the flat downstairs. Only two flats in the building. Anyone know how complicated this can be/might get?

[Scarlett]

I too live in a shared freehold. I have jad no problems but I think that's because the lady upstairs and I agreed that she would take care of her flat and I would take care of mine. Some people agree to have a monthly "kitty" where you both pay in an agreed amount, should any joint repairs occur. If you had a flooded kitchen would he have to help pay? What if there was a major problem with the roof? Who would pay?
I don't have a kitty, but I do pay her �16 buildings insurance a month. She pays the other half. (She showed me all the paperwork etc).
I had to pay to have railings put up outside my front window. she paid for a large tile to be removed from her guttering by the roof. We just take care of our own bit, basically.
This is fine if your neighbour is reasonable. If you think he may not be, it might be an idea to go to a conveyancer or solicitor and agree the rules with him, and sign them properly.
You will also both own each other's leashold, so you are each other's landlord! Check the lease and see what it says. Mine says all sorts of weird things about painting the outside every 6 months etc, but we agreed to ignore it, and just do things as and when they are needed.
You would also need his permission if you wanted to let the flat out. If your tennants trashed it, it would affect HIS property price.

[Scarlett]

P. S- Having a shared freehold is a hundred times better than having a landlord who owns your lease. With a shared freehold you are at least incharge between the two of you.

[$~Jeep~$]

Hi Sweet G.

Our maisonette is leasehold, with a 50% share of the freehold with the downstairs flat. Any repairs, either roof or ground floor level are shared equally between us. There has been no problem whatsoever, as all conveyancing, Land Registry, etc was carried out when the house was divided into two flats. This will show exactly your boundaries and rights of access etc.

Have your solicitor check that all relevant paperwork has been dealt with, if it has not been done properly there could be pitfalls. Either your solicitor, or estate agent will check with the upstairs tenant for his building insurace cover, to see that this is correct and suitable for the property - it safeguards you.

For us it has been no problem at all - even when initially there were several building repairs needed.

Good luck
Jeep

[$~Jeep~$]

*insurance* (repair job needed!! Lol)