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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

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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
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?
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Customer: replied 2 years ago.

Thank you is it possible to have a shared freehold

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 2 years ago.

Thank you is it possible to have a shared freehold

Customer: replied 2 years 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

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 2 years ago.

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

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 2 years ago.

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

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