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chatham-chamber
chatham-chamber, Advocate
Category: Law
Satisfied Customers: 11819
Experience:  LL.B, Pg.Dip, LL.M, M.B.A (Pending), Solicitor-Advocate. UK Practising Certificate issued by SRA., DIFC Courts Registered (Dubai)
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I am the owner of a freehold flat. It was a house and the

Resolved Question:

I am the owner of a freehold flat. It was a house and the upstairs part is a flat with a flying freehold. The owner of that flat wants to form a company with two leaseholds in order for him to sell his. I am apprehensive about this. Could we have 2 leaseholds separately without a company? What are the advantages and disadvantages please.
i get along with the current owner very well but he is selling it to a 'developer' and l am concerned about the consequences.
Thank you. ***** *****
Submitted: 12 months ago.
Category: Law
Expert:  Aston Lawyer replied 12 months ago.

Hi, thanks for your enquiry.

To enable me to answer you fully, could you confirm if the upstairs owner has a Lease for the upstairs? (Normally, the owner of the "house" would grant a Lease for the upstairs and a Lease for the downstairs). If you could give me as much information as possible, that would be great.

I look forward to hearing from you.

Al

Customer: replied 12 months ago.
The house was separated in 1940. They made 2 freehold flats. Only the deeds were amended. no leases were made. Thats the question for now.
Customer: replied 12 months ago.
Its now over half an hour l have been waiting for a response. Please answer my question.
Expert:  chatham-chamber replied 12 months ago.

Hi,

Yes you could have two leaseholds in order to sell, without the requirement of forming a company.

If put into a company, disposal or disposition may appear more straightforward than it being in the name of an individual, this is because it will only require a transfer of the shares of the company as opposed to a transfer of title at HM Land Registry.

As it currently stands, either of you may find it difficult to sell as most lenders do not like to lend on flying freeholds.

I hope this answers your question. If so, kindly rate the answer and provide feedback.

If you have any further questions, please do not hesitate to ask.

Kind regards,

chatham-chamber, Advocate
Category: Law
Satisfied Customers: 11819
Experience: LL.B, Pg.Dip, LL.M, M.B.A (Pending), Solicitor-Advocate. UK Practising Certificate issued by SRA., DIFC Courts Registered (Dubai)
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