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F E Smith
F E Smith, Advocate
Category: Law
Satisfied Customers: 14533
Experience:  I have been practising for 30 years.
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I own a freehold property (UK) There block is made up of 4

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Hi, I own a freehold property (UK) There block is made up of 4 two bed apartments, I want to convert each apartment to leasehold. Are there to your knowledge any financial issues to bare in mind?
JA: What steps have you taken so far? Have you prepared or filed any paperwork?
Customer: No not yet, just investigating the viability. I want to initially hold the leases in my name then eventually sell each one over the next few years
JA: Where is the freehold located?
Customer: Gloucester
JA: Anything else you want the Lawyer to know before I connect you?
Customer: Only I own the property out right in as much as there are no mortgages in place
Hello,

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!

The biggest financial issue here believe it or not is going to be the solicitors costs because this is very specialised, it isn’t quick, and it isn’t for the fainthearted.

Don’t be at all surprised if you get quoted 10 grand for doing it. Shop around.

You are going to need land registry compliant building plans and don’t be at all surprised if that’s a couple of thousand pounds also. Not for the fainthearted.

Otherwise it is quite straightforward.

You need to decide what the ground rent is going to be, what the service charge is going to be and what you are going to do with the freehold and whether you are going to have a management company. Those practicalities can then be incorporated into the leases.

Decide also whether you want the freehold to be owned by the leaseholders. Quite common.

 

 

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FES

F E Smith, Advocate
Category: Law
Satisfied Customers: 14533
Experience: I have been practising for 30 years.
F E Smith and 2 other Law Specialists are ready to help you