Buying Freeholds
Friday, February 1, 2013
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o qualify, the leaseholders need to meet certain conditions including that no individual owns more than two flats in the building, the leases when originally granted were for a length in excess of 21 years and that the number of leaseholders who agree to buy the freehold is no less than half the number of flats in the building, or in the case of a building with only two flats then both leaseholders need to agree. To further qualify, the building also need to meet certain conditions and these include that it contains at least two flats, that at least two thirds of the flats are owned by qualifying leaseholders and that no more than 25% of the building is used for commercial purposes i.e. any use that is not residential. As with all things...