Newbie – needs a bit of advice buying flat and FreeholdMake Text Bigger
I am buying my first BTL in an area away from me (my family live there and its much cheaper). I am buying a ground floor 2 bed flat with yard for £69k. should yield £400 month.
However, its a freehold flat and I would own the lease above. No real problem with that as the leasehold pays £50 annual. I would pay the insurance on whole house (approx £250) . as the Estate Agent pointed out, that’s still a lot less then most flat service charges.
also, as I am the freeholder, any work that needs doing to whole house I would need to do a 20 notice to recover other half.
however, I know 10 years plus ago the guy who owned whole house split it into 2 flats and kept the leasehold flat. Not sure if I should be wary of anything
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