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Aston Lawyer
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10412
Experience:  LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
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The freeholder to the property I own has died. I have been

Resolved Question:

The freeholder to the property I own has died. I have been leaseholder for 26 yrs paying
nominal ground rent. Solicitors acting for the new vendors ask me if I would like to become
shared free holder for free. Is this reasonable and what is the catch
Submitted: 2 years ago.
Category: Property Law
Expert:  Aston Lawyer replied 2 years ago.
Hello and thanks for using Just Answer.
I am Al and am happy to assist you with your enquiry.
Could you confirm the type of property you live in, please. Is it a maisonette or flat?
Thanks
AL
Customer: replied 2 years ago.

Hi Al

These are converted terraces. we both have our own front door. I am no. 80

upstairs to no. 78 downstairs. 78 was the freeholder.

Expert:  Aston Lawyer replied 2 years ago.
Hi,
Thanks for your reply.
I am glad to say that there's probably no catch- However daft it sounds, it is more marketable and better for the owner of No. 78 not to own the Freehold alone as and when they wish to sell it- for Mortgage purposes, some Lenders will only grant a Mortgage if the Freehold is owned jointly.
I am therefore guessing that they intend to sell No.78 and hence what to get the Freehold transferred into the joint names before selling.
You can of course ask them to clarify why they wish to transfer the Freehold, but I'm pretty sure the above will be the reason.
I hope this assists and answers your question.
Kind Regards
AL
Customer: replied 2 years ago.

Hi,

Your answer does not clarify whether or not I shall be in any way out of pocket if I I agree to joint ownership of the freehold. please confirm that

being in joint ownership of the freehold does not tie me into any form of

financial constraints with the new owners

Customer: replied 2 years ago.

for aston lawyer.

You havent answered my question

Expert:  Aston Lawyer replied 2 years ago.
Hi,
Apologies for the delay in replying.
Financially, you will not be out of pocket whatsoever. Any costs incurred by you, as Freeholder, whether it be to arrange block Buildings Insurance or the payment of any maintenance costs are clawed back from the "Leaseholders" under the terms of the Lease, so you will be in exactly the same financial position as you would be if you remained merely as a Leaseholder. Indeed, you will be slightly better off as you will no longer have to pay the nominal ground rent.
I hope this assists.
Kind Regards
AL
Aston Lawyer, Solicitor
Category: Property Law
Satisfied Customers: 10412
Experience: LLB(HONS) 23 years of experience in dealing with Conveyancing and Property Law
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