Freehold Value

[busymum100]

We own a flat above a shop and the shop owns the freehold to our flat. If we were to buy the freehold for the flat, does anybody know how much we would expect to pay for it? I have been told the freehold is valued at a percentage of the property value...is this correct or can they pick a price from the sky?

Thank you in advance

[dannydingbat]

You will not be able to buy the freehold. Freehold flats which do not stand on the ground provide certain legal problems in relation to mutually enforceable covenants. That's why its leasehold in the first place.

[richafra]

I have a share in the freehold of a Victorin house converted into 3 flats - mine is the maisonette on the first & second floors. There didn't seem to be a problem with getting a share of the freehold when I purchased - prior to my purchase, the 3 flats were all leasehold. So it is possible.

As for how much it's worth, I can't help you there, but you should get valuers & solicitors involved.