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Aston Lawyer
Aston Lawyer, Solicitor
Category: Law
Satisfied Customers: 10635
Experience:  Solicitor LLB (Hons) 23 years of experience in Conveyancing and Property Law
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I own a property which has an office on the ground floor plus

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I own a property which has an office on the ground floor plus a flat on floors two and three. It was originally bought through Barratts as a Work Live Unit.
The units are currently let separately and with the council separate rates apply.
I have got a valuation on the whole property plus separate valuations on the units.
We would like to sell these separately but obviously one may sell quicker than the other, so with this in mind we do not wish to delay either sale.
Therefore how do we go about splitting the deeds?
What other points do we need to know or take into consideration order of priorities etc?
Who do we need to notify? Land Registry, Council etc or is this what you can deal with.
Mr C Harris
Submitted: 2 years ago.
Category: Law
Expert:  Aston Lawyer replied 2 years ago.
Hello and thanks for using Just Answer.
My name is ***** ***** am happy to assist you with your enquiry.
The usual way of selling each unit off would be to create a Lease for each Unit, so that as and when a Buyer is found, you grant him a long term Lease.
For residential Flats and commercial, if need be, the Lease would normally be for a term of 99 years.
You will therefore retain the Freehold of the Building as a whole.
The Lease will also cater for who is responsible for maintaining the Building (The Freeholder will normally maintain the main structure and Insure the Building), and these costs will be reimbursed to you by each Unit holder who will pay a yearly service charge.
As and when the last Unit is sold, you can then decide whether you wish to retain the Freehold, or whether you wish to sell it to the Unit holders.
I am afraid it is quite a complex job preparing the Lease, and you will need to instruct a local Conveyancing Solicitor to do this. You will also need to obtain Land Registry compliant Plans for each Unit and an Architect will be able to assist with these.
You would also need to notify the Council Tax department so they can assess each Flat for Council tax purposes.
I hope this assists and sets out the legal position.
Kind Regards
Al
Aston Lawyer and 2 other Law Specialists are ready to help you
Expert:  Aston Lawyer replied 2 years ago.

Hi Chris,

If you are happy with my Answer, I would be grateful if you could leave

positive feedback.

Thanks

Al

Expert:  Aston Lawyer replied 2 years ago.
Hi Chris,

Can I assist you any further?

Kind Regards
Al