How to sell Freehold for late brothers estate?
MY deceased brother’s estate has a Grade 2 listed property converted into 4 separate flats all mortgaged. There are no shared parts except the garden and all flats have separate entries.
We wish to start selling off the flats, but the only information we have is that the flat freehold was in my brothers building company name. The flats have leases of 99 years from the 1/3/2003.
Would it be best when all flats are sold to create a new freehold and then offer to sell 25% share to each flat, or give a ground rent of say £100 per year and a charge of £350 per year of repairs and sell freehold at auction.
As the property is Grade 2 the repairs would be expensive .
Many thanks
Kathy
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Member Since November 2014 - Comments: 63
5:36 PM, 30th January 2015, About 11 years ago
The lender has an interest so I guess they will need to approve any variation, but again I don’t have any experience.
Where is the property?
Member Since September 2013 - Comments: 771
6:55 PM, 30th January 2015, About 11 years ago
Wiltshire
Member Since July 2014 - Comments: 104
11:39 AM, 31st January 2015, About 11 years ago
Hi Kathy,
So much advice. I suggest you go to a solicitor competent in dealing with the issues here, taking with you notes of all the various bits of comment received from 118 members. If the existing leases need to be amended you will require a solicitor anyway. If you don’t know such a solicitor, I’m sure Mark Alexander would be able to advise.
John Walker
Member Since September 2013 - Comments: 771
12:46 PM, 31st January 2015, About 11 years ago
Thanks for all the posts.
Yes John I will be going to a solicitor but I wanted to know some of my options before hand.
I would like to create a management company for the flats and sell/give each flat a 25% in it.
Many thanks
Kathy
Member Since July 2014 - Comments: 104
12:56 PM, 31st January 2015, About 11 years ago
Reply to the comment left by “KATHY MILLER” at “31/01/2015 – 12:46“:
Hi Kathy,
One point occurs to me, should there be an uneven number of voters on the management team to avoid possible future difficulties with stalemate situations?
John
Member Since September 2013 - Comments: 771
1:38 PM, 31st January 2015, About 11 years ago
Good point , I will run it past the solicitor
Member Since June 2014 - Comments: 106
7:07 PM, 1st February 2015, About 11 years ago
hi Kathy,
You should be able to all freehold and leasehold title deeds through the landregistry online at a few £ a pop — http://www.landregistry.gov.uk/public/online-services
To get a copy of the actual lease you need to fill out a form, see
http://www.landregistry.gov.uk/public/faqs/how-can-i-get-a-copyies-of-deeds
it costs £23 for a lease copy and can only be done by post. They’re pretty quick, just a few days turnaround.