5:00 AM, 2nd May 2022, About 2 years ago 9
Hello, I have inherited my fathers semi detached house that forms part of a four block. There is two blocks and they all own the freehold shared eight ways. However, they all have individual leases, the lease on our now inherited house has a 936 years left on the lease.
My father was the company director and it was just ran as a dormant account and the files annually sorted with companies house. Each owner has paid a £1 share and there is no property management in place and no payments received from the other owners.
My father put me as the company director as he had terminal cancer and it was causing him anxiety worrying about it, so I inadvertently took on the role and filed the accounts last October so they are up to date.
We sold the property under offer, but they pulled out because they weren’t happy with the way the company was set up with the shared freehold as there is no insurance set up for the communal areas (shared car park) and there never has been insurance since it was built in 1984.
They wanted us to pay for the freehold to be changed which would be very lengthy and costly ( many thousands of pounds to do so) and most of the other owners aren’t interested and happy with the way things currently are.
If any future repairs were required the eight freeholders would pay their share towards it. My solicitor has said it may happen with the next potential buyers, it all depends on how deep they look into the freehold etc. as it could put off a lender giving a mortgage on the properties.
Has anyone got any useful advice, please?
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