15:22 PM, 23rd October 2019, About 3 years ago 6
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.