How to sell Freehold for late brothers estate?

How to sell Freehold for late brothers estate?

10:42 AM, 29th January 2015, About 9 years ago 17

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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

Kathyfreehold


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Comments

Neal Craven

17:36 PM, 30th January 2015, About 9 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?

MoodyMolls

18:55 PM, 30th January 2015, About 9 years ago

Wiltshire

John walker

11:39 AM, 31st January 2015, About 9 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

MoodyMolls

12:46 PM, 31st January 2015, About 9 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

John walker

12:56 PM, 31st January 2015, About 9 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

MoodyMolls

13:38 PM, 31st January 2015, About 9 years ago

Good point , I will run it past the solicitor

David Mensah

19:07 PM, 1st February 2015, About 9 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.

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