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Selling Share Of Freehold & Changing Lease

This question is from Zoopla user hobbit_amy and she asks about share of freehold and leasehold property.

If I sell a share of the freehold to my leaseholder, can I change parts of the lease (eg. insisting on carpets being put down) or insist on certain things as a condition?

I'd quite like the money and it would make it easier for me to sell if I sell it (it's hard to get a mortgage on full-freehold flats), but I'd like to be able to insist on some things as part of it.

Selling Share Of Freehold And Changing The Lease

Jonathan Rolande talks about selling a share of freehold or changing a lease.

Video Transcription

If you're living in a flat the chances are it's a leasehold property, there's a freeholder who's either a third party, an agent or it could be the residence themselves, who own a share of the freehold themselves.

If you want to change the lease or vary it, as it's known, you will need to get the freeholders permission.

So, even if the freehold is held within the building itself you will need to contact the agent who looks after the building for you and get their permission and the permission of all of your neighbours about, presumably, extending the lease or changing it in some other way.

There is normally a cost involved, so that could be a cost for legal charges, and especially if the freeholder is a third party, they'll probably look at this as an opportunity to make a bit of spare cash. So, they'll charge anything up to a few thousand pounds, normally, just to sign off the alteration that you need to make.

So, bear all of that in mind and you shouldn't go far wrong.

Jonathan Rolande

Authored by Jonathan Rolande

Jonathan started in the property industry in 1987 and has extensive knowledge of the property buying sector. Jonathan is also an avid supporter for more regulation in the industry that protects sellers.

Last updated on 26/07/2013 by Jonathan Rolande.

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