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wingrovebuyer
wingrovebuyer, Senior Solicitor
Category: Property Law
Satisfied Customers: 737
Experience:  Bachelor of Laws (Honours); PG Diploma in Law; Member of ALA; 9 years' experience
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I am buying a freehold property which is 2 flats and one small

Customer Question

i am buying a freehold property which is 2 flats and one small shop i would like to sell one of the flats to my son which is the best way to do this
Submitted: 1 year ago.
Category: Property Law
Expert:  wingrovebuyer replied 1 year ago.
Hello. I would suggest that you sell the flat by granting a long lease (125 years, 999 years etc). You can't sell a freehold interest in the flat if it is not on the ground floor - hence the lease suggestion. This is quite common and should be accepted by your son's mortgage lender, if he needs a mortgage to buy. You will need a solicitor to draw up the lease, and this may cost arounf £750 plus VAT. Hope this helps?
wingrovebuyer, Senior Solicitor
Category: Property Law
Satisfied Customers: 737
Experience: Bachelor of Laws (Honours); PG Diploma in Law; Member of ALA; 9 years' experience
wingrovebuyer and other Property Law Specialists are ready to help you
Customer: replied 1 year ago.

Thank you is it possible to have a shared freehold

Expert:  wingrovebuyer replied 1 year ago.
Hello. Not unless you split the groundflooor into two - freehold is the land, not really the building, hence why first floor flats and above are leaseholds. Best, WB.
Customer: replied 1 year ago.

Thank you is it possible to have a shared freehold

Customer: replied 1 year ago.

The property has a flat on the ground floor and shop with a second floor flatp so could the ground floor flat have shared freehold or could the lease give acess to the garden and be at a permaneant ground rent even after sale

Expert:  wingrovebuyer replied 1 year ago.
I'd suggest you grant a lease of the flat. In that, you can specify whether or not it incudes the garden (or part of the garden, or just access to it). That's why a lease is probably best - it gives a lot of flexibility without splitting the freehold. You can grant it for a premium (ie sale price) and an annual ground rent. Best, WB
Customer: replied 1 year ago.

Would the ground rent still stand it the freehold was later sold

Expert:  wingrovebuyer replied 1 year ago.
Yes, the freehold would be subect to the lease for as long as the lease lasts (ie 125 years, 999 years etc). Best, WB
Customer: replied 1 year ago.

Would a service charge apply and would that remain the same in the event of the sale.of the freehold

Expert:  wingrovebuyer replied 1 year ago.
Hello. You can apply whatever terms and charges you want - you'll be granting the lease. As above, the lease won't terminate just because you sell the freehold - it is a separate interest which continues for as long as it is granted. Best, WB

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