Jokes2 mins ago
Converting Leasehold to Freehold
2 Answers
I live in a block of 20 flats with a restaurant occupying the ground floor and there is a move afoot to takeover the freehold. At first I didn't put this into the law section because there are enough references regarding how to go about it/the minimum requirements etc. However, reading through these requirements doesn't answer, for me , what seems to be basic information.
What I would like please are some practical answers such as:
1. Is there any point in agreeing to the F/H if the current landlord wants to retain the F/H on the Restaurant?
Other than ground rent from us I would hazard a guess that the landlord gets an income of say �20K pa from the Restaurant.
2. Exactly how does one estimate what might be the overall value of the F/H remaining given that the landlord effectively only has one property. Yes I know that in 100 years or so, assuming that leaseholds aren't extended, his family will own the whole building but I am not sure how relevant this is .
There seem to be so many imponderables.
Any practical suggestion/ideas would be most appreciated.
What I would like please are some practical answers such as:
1. Is there any point in agreeing to the F/H if the current landlord wants to retain the F/H on the Restaurant?
Other than ground rent from us I would hazard a guess that the landlord gets an income of say �20K pa from the Restaurant.
2. Exactly how does one estimate what might be the overall value of the F/H remaining given that the landlord effectively only has one property. Yes I know that in 100 years or so, assuming that leaseholds aren't extended, his family will own the whole building but I am not sure how relevant this is .
There seem to be so many imponderables.
Any practical suggestion/ideas would be most appreciated.
Answers
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You may already have looked here:
www.lease-advice.org
If you have, then I think you will have to go back there & look at the list of surveyors. As I understand it, these are surveyors with specialist knowledge of valuation of freeholds. You need someone like that to answer your questions - but it will cost!
www.lease-advice.org
If you have, then I think you will have to go back there & look at the list of surveyors. As I understand it, these are surveyors with specialist knowledge of valuation of freeholds. You need someone like that to answer your questions - but it will cost!
1 to 2 of 2
