How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Thomas Your Own Question
Thomas
Thomas, Solicitor
Category: Property Law
Satisfied Customers: 7620
Experience:  UK solicitor holding an England and Wales practising Certificate.
28732269
Type Your Property Law Question Here...
Thomas is online now

We own a freehold property but need to release £80,000 to pay

Resolved Question:

We own a freehold property but need to release £80,000 to pay off sister. The house was bought jointly with mother and she had downstairs flat all self contained and separate council tax but the house is single freehold at present. If we sell leasehold on downstairs how and what do we need to do?
Submitted: 3 years ago.
Category: Property Law
Expert:  Thomas replied 3 years ago.
Hi,

Thanks for your question.

Do all the registered propreitors of the freeholder agree to the formation and sale of the leasehold flat?

Kind regards,

Tom
Customer: replied 3 years ago.
Yes
Expert:  Thomas replied 3 years ago.
Hi XXXXX your answer now. 5 mins please.

Tom
Expert:  Thomas replied 3 years ago.
Hi,

THanks for your patience.

In order to market the property on the open market and to ensure that you will be able to sell the property you will have to ensure that it is entirely self-contained with sole access to the usual amenities.

If you are able to do this then you might be able to sell it as a leasehold. If there is no mortgage on the freehold then you should be able to relatively easily. However if there is a mortgage on the freehold then you would need the consent of the lender to do this. I would consider approaching the lender (if any) now before spending any money to see if this acceptable in principle to them.

In addition to the normal conveyancing process you would have to instruct the conveyancing solicitor to prepare the lease of the flat. This means that they would take your full instructions of the set up of the freehold property and the leasehold flat then draft the lease from scratch. It may be advisable to also have a lease for the remaining part flat of the property.

The lease will then be sent to the buyer's solicitor for them to approve, along with the usual property information forms.

It might take a little longer than a normal conveyance of a flat with an existing lease but not prohibitively so,

Kind regards,

Tom
Thomas and other Property Law Specialists are ready to help you