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.
Can I clarify anything else for you?
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