Saga Magazine Crossword Grey Matters...
Crosswords0 min ago
Freehold/lease
3 Answers
how can i set up a lease on my flat and keep ther freehold
Answers
1 to 3 of 3
Best Answer
No best answer has yet been selected by john1956. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.
Depends what kind of lease you mean. Do you want to let the flat, so you can regain possession at a later date? If so, all you need is an Assured Shorthold Tenancy Agreement. Many letting agents will draw one up for you as part of the letting service. It will cost you - but is well worth appointing an agent, as they will help you through all the steps you need to take to ensure the flat is in lettable condition and that you are fulfilling the legal requirements of being a Landlord.
One thing puzzles me, though - Freehold flats are very rare. Flats are usually held Long Leasehold (sometimes 999 years, which is effectively Freehold, but not the same thing). If your flat is Leasehold, you will need to check first that subletting is allowed.
One thing puzzles me, though - Freehold flats are very rare. Flats are usually held Long Leasehold (sometimes 999 years, which is effectively Freehold, but not the same thing). If your flat is Leasehold, you will need to check first that subletting is allowed.
Am I understanding correctly that you currently own your freehold flat but want to 'sell' it with a lease, retaining the freehold so that eventually the flat will become yours again and, perhaps, earn 'ground rent' in the meantime? This may not be as easy as you think. I don't know too much about this (apart from when I very nearly purchased a leasehold flat once) but you'd have trouble leasing it if (as Savik says) your lease was for anything less than 99 years. Buyers will want to know that their risk is minimal and that they stand a good chance of re-selling to get their money (and profit) back. The shorter the lease period, the harder it is to sell. Even if you could do this, you'd probably be long gone before the property effectively became yours again. I also think (but I may be corrected) that the owner of the freehold still has certain responsibilities. I don't think you could simply sell the lease for a period of time, walk away and 'forget' until the lease expires. You'd be much better off renting and would also make more money in the long run as your rental charges could increase with inflation.
1 to 3 of 3
