Ask a Law Question, Get an Answer ASAP!
Are saying that you will own all of the freehold or that you will own part of the freehold plus, of course, the lease?
If you are owning all the freehold and the leasehold in the same name, that is problematical because lenders will not normally lend on freehold flats which is what it would be if you owned both.
You would need to create a limited company or have the freehold or the leasehold in different names such as one in your name and the other in the name of you and your wife.
That is why it is currently held part by him and part by his wife.
All you could have a limited company and you will only the limited company because that gets round it.
you need to extend the lease. You have a statutory right to do so although there is a cost involved. If the current leaseholder extends it they want more money although your lender may not lend until it is extended.
The first thing to do is to get a cost for the lease extension because the cost of that is based upon a statutory formula which is quite complicated