8:40 AM, 27th October 2015, About 7 years ago 10
I bought a ground floor flat 3 years ago, renovated it and let it. The building is a Victorian villa that was split into two flats 20 years ago and a ‘cross over lease’ makes me the owner of the freehold in the first floor flat and the owner of the first floor flat the owner of my freehold.
We have the leasehold on our properties. Both of us let our flats. The owner of the first floor flat (FFF) has owned theirs 6 years and has neglected the exterior. Over 3 years I’ve not managed to get him to do anything, so I got a solicitor involved and to cut a long story short I’m now buying the FFF flat off of him. It seemed the only way forward given the effect the dispute was having on the value of our properties and my mental health and bank account!
So I’m in a quandary as due to the budget changes I was trying to sell off my properties ! But now I’m buying the FFF to safeguard the value of my ground floor flat (GFF)! Ho hum!
Then it struck me that I don’t think crossover leases are user friendly. I’m buying the FFF for cash, I have a small mortgage on the GFF. Can I dissolve the lease? Chucking such an ill thought out incumberance in the bin and starting over? Can I form a management company? How do I do that, do I need to pay off the GFF Mortgage too or will TMW work with me, (after all it’s in their interest), do I approach them ? I will have to talk to them soon due to the dispute, even though I’ve effectively solved the matter. One day I could sell both flats and keep the freehold and operate the management company. I’ve no idea… The rest of my portfolio are freehold houses and I’ve no intention of expanding due to that dastardly budget decision!
Would be so grateful for advice please