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propertylawyer
propertylawyer, Solicitor
Category: Property Law
Satisfied Customers: 280
Experience:  Property solicitor with expertise in commercial and residential property transactions.
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I am the leaseholder of a flat with a garden and I floated

Resolved Question:

I am the leaseholder of a flat with a garden and I floated the idea of selling the last 30 feet of our garden back to my freeholder. He wasn't against it. There is access from the street and it should work in a practical way. But before I approach a non-virtual property lawyer, can you tell me how the split would work? If a piece of land is worth around one third of the value of the property that eventually stands there, how would the money typically be split between leaseholder and freeholder from the sale of that land? And is selling the land back to the freeholder the only way or can I sub-lease to a developer myself?
Submitted: 10 months ago.
Category: Property Law
Expert:  propertylawyer replied 10 months ago.

You will need to get the land properly valued. The freehold land will have a value and so too will your leasehold interest but I do not th8nk that you can estimate the land value as simplistically as a 1/3 of the property value.

As to the split between leaseholder and freeholder, this will ultimately be down to negotiation between the parties.

I assume from your last question that the land is to be sold to a developer, if possible. I could not see subletting being viable if development is proposed. Far too many issues to make it unworkable.

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