Updating post from Reddit.
So I own a ground floor apartment leasehold with 110 years remaining on the lease. There is only one other apartment above (separate entrance) also leasehold (could potentially share freehold) is that a good idea?
My father owns the freehold for both and I was thinking to have the freehold transferred to me as he can gift it to me, however after doing some research I don’t see much advantage to owning the freehold.
I understand I would become responsible for all repairs to the complete building externally? I don’t plan to sell the apartment within the next 5 years. So I was thinking just to extend the leasehold, as this would be easy with my father owning the freehold and it will be no issue in that regard.
What are your thoughts on this? Why is freehold so attractive to people (I hear).
Get it transferred if you want it for long term. I have no personal experience in this but I’d rather not be beholden to someone else in general (I know in this case it’s your father). Owning the freehold does give you more responsibility but also more options in the long run. Speak to a lawyer for the details I assume is a sensible response
Freehold gives you freedom to do more if you want to think more pragmatically. Think of owning the other property, potentially rebuilding if possible into more flats etc etc (with planning etc) it gives you more options. Doesn’t sound like you care too much so just extend your lease. Not sure why you even asked the question based on your last reply.
Yes, you will have more responsibility, but it gives you more control.
You can look for the best quote of a repair and time it when it is convenient for you.
Thanks for the response, but the way I see I don’t need control? Control of what? If I extend the leasehold to 999 years, what more do I want? I’m never going to want to adapt/extend the property. If the roof/building has issues then I gotta pay for it myself if I take the freehold 🤷🏻♂️ honestly I really don’t see any advantage to owning the freehold, yet people say it’s better. I’m really confused.
My understanding is that the freeholder has the responsibility to maintain, but the cost is then passed to the leaseholder.
I'd always want the freehold, if available. If your Father gifts the freehold to you, it’s normally an exempt transfer so the upstairs flat doesn’t get a legal right of first refusal. It's a pretty straight forward process. Just make sure the lease actually has service charge and insurance clauses so you can recover costs properly - a solicitor can handle it easily.
Without knowing the set up of the leases, it’s impossible to give further thoughts.
Do both leases contribute to the costs relating to the repair and maintenance of the structure of fabric of the building?