How to sell my freehold?

by Readers Question

15:22 PM, 23rd October 2019
About 4 weeks ago

How to sell my freehold?

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How to sell my freehold?

I own a 3rd share of the freehold in a 3 flat property in a seaside town in East Sussex. I had the lease extended early in 2019 and it now has 999 years left.

I am now trying to sell my flat because I live abroad and I really can’t afford the upkeep and maintenance of the property which has been neglected over the years for various reasons (a sinking fund was never put in place originally and any repairs were just divided between the 3 freeholders).

One of the flats was purchased in the last 2 years by a couple who are property managers. They are pushing to get the property repairs done soon and want the whole lot done at once at considerable cost.

I simply don’t have the means to pay for these repairs at the moment and wondered if I could sell the freehold, despite the maintenance costs and if so how do I go about this.

We have had a sinking fund of £100 a month for the last couple of years, which is soon to increase to £200, but have never paid a ground rent. There are tenants in two of the flats.

Many thanks

Jackie



Comments

terry sullivan

9:56 AM, 24th October 2019
About 4 weeks ago

I may be interested in purchasing for my own use. Where is flat and what price?

James Masters

11:00 AM, 24th October 2019
About 4 weeks ago

Your best bet is to get shot of the whole flat and share of Freehold before the section 20 (major works) is issued. As soon as that paperwork drops you're looking at 1.5 times the value of your share of the S20 costs knocked off you price.

Jill

14:41 PM, 25th October 2019
About 4 weeks ago

I have the same problem, in fact I thought your question was mine! If Terry Sullivan is interested, I am keen to sell as I have had enough of spiral repair costs.

Puzzler

16:10 PM, 25th October 2019
About 4 weeks ago

You may not be able to sell the freehold separately depending on your lease and Articles and given the length of lease and no ground rent it is not worth very much, it will also devalue your flat - who would buy a flat in a block where it is the only one that has no say in the block management? If you want to sell the flat, what is the sticking point?

Jill

16:57 PM, 25th October 2019
About 4 weeks ago

Reply to the comment left by terry sullivan at 24/10/2019 - 09:56
Eastbourne near seafront.One bed, split level in 1870s house of 7 flats. Value from 3 agents £130,000 with share of freehold. I have let at £525. Agents said I should charge more.

Gracie

13:50 PM, 7th November 2019
About 2 weeks ago

You and the third owner can challenge any costs that you think are overboard that the managing agent couple have quoted. Just get your own quotes. If they're making money off the block you'll soon spot the signs. Other than them taking chances, you're all equal owners don't let them bully you.


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