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Collective Enfranchisement / Commonhold

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Hi,

We in our apartment building are just going through the process of aquiring the freehold of our flats.

I have looked online and done some reading but i would like advise from anyone who has been through the ordeal.

We are already a rtm company running the building and the freeholders have agreed that they will sign over the freehod to us if we pay their legal fee's. On checking the lease it appears that it will be us to pay any legal costs of the freeholders which we are happy to do. We have been advised that this in the most cost effective way to go about things. We have a solicitor in place as does the freeholders but as yet that is as far as its got.

Any advice most welcome pros/cons ect.

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Hi,

We in our apartment building are just going through the process of aquiring the freehold of our flats.

I have looked online and done some reading but i would like advise from anyone who has been through the ordeal.

We are already a rtm company running the building and the freeholders have agreed that they will sign over the freehod to us if we pay their legal fee's. On checking the lease it appears that it will be us to pay any legal costs of the freeholders which we are happy to do. We have been advised that this in the most cost effective way to go about things. We have a solicitor in place as does the freeholders but as yet that is as far as its got.

Any advice most welcome pros/cons ect.

Sounds like you have a cooperative freeholder. So don't hesitate to grab your opportunity while you have it: a change of control to someone wanting to screw you could leave you a nightmare!

Your solicitor will deal with the legalities: how ownership is divided, who is responsible for management and maintenance, and how costs are dealt with.

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Thanks

i have the main idea of what will happen, but was looking for some advice basically from someone who has already done this.

our solicitor is very good we are using as i know him well.

i think the company we have now is pretty much set up to deal with things but may need some updating as the laws have changed a bit since the leases and company was formed in 2002. i am not sure if we will be able to adapt the rtm into a ca company or have to start a fresh?

does anyone have any idea where i can get the current laws on this stuff.? i have tried leashold advisory people and also companies house. any ideas anyone??

i have a book but it is dealing more with the set up of this commonhold laws and again lots of it date from consultation papers in 2002./2003.

i think the advantage we have is that our leases say that on the sale of the last apartment the freeholder will be transfered over to the rtm company. hence i don't think the freeholder can get out of it.

i have also read that mortgages are harder to get on freehold apartments, is this still the case?

help anyone!

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Thanks

i have the main idea of what will happen, but was looking for some advice basically from someone who has already done this.

our solicitor is very good we are using as i know him well.

i think the company we have now is pretty much set up to deal with things but may need some updating as the laws have changed a bit since the leases and company was formed in 2002. i am not sure if we will be able to adapt the rtm into a ca company or have to start a fresh?

does anyone have any idea where i can get the current laws on this stuff.? i have tried leashold advisory people and also companies house. any ideas anyone??

i have a book but it is dealing more with the set up of this commonhold laws and again lots of it date from consultation papers in 2002./2003.

i think the advantage we have is that our leases say that on the sale of the last apartment the freeholder will be transfered over to the rtm company. hence i don't think the freeholder can get out of it.

i have also read that mortgages are harder to get on freehold apartments, is this still the case?

help anyone!

It isn't going to be a freehold apartment.

The freehold is held by a separate company which is equally shared by all of the tenants, the share of which is always sold on with the property.

This is a normal way of doing things

tim

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From what i have understood the apartments will be freehold apartments/ units within commonhold land.

All unit / apartment owners will also be members of the commonhold company.

The apartments are freehold as such but the communial land is commonhold owned by the ca company.

Or shared by the owners of that company / the apartment owners.

At present we have an RTM ltd company, can we turn this into a CA ltd company or is it something we have to start a fresh with?

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  • 142 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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