Buying the freehold on my block of flats

[Keitai]

An offer has come up for leaseholders on my blocks of flats to buy the freehold. 4 blocks of five flats total 20 flats. If we don't a landlord who is a notorious bad guy. He owns flat below me and is always causing trouble, he currently owns two flats out of the four blocks. Could he wreck havoc putting up fees if he buys the freehold? We need 11 people to put up £6000. Is it a good idea?



my flat is psid off but i dont have £6000 in the bank, will bank loan me it?

 

[securespark]

What sort of trouble does this geezer cause?

 

[Keitai]

What sort of trouble does this geezer cause?

Currently just threatening to kick me out claiming I make too much noise above his tenants below (he cant do that as i own the flat) but we suspect he'll try and put up costs on things like ground rent etc

 

[motorbiking]

Yes. Always better to have share of freehold. You can cover the cost by extending the lease free of charge, which should increase the value.

There are a few absolute bandits in the freehold management business and they cook up all sorts of ways to fleece leaseholders. I’ve been disputing and winning against one such company for over 20 years. But not everyone has the ability to take on their normally minimally qualified “lawyers”.

 

[motorbiking]

Currently just threatening to kick me out claiming I make too much noise above his tenants below (he cant do that as i own the flat) but we suspect he'll try and put up costs on things like ground rent etc

Does he have the right to sublet?

 

[motorbiking]

Since the OP hasn’t returned.

1. Call a meeting with the other leaseholders to discuss the risks of allowing the freehold to fall in to 3rd party hands
2. Talk to an estate agent to understand the increase value.
3. Get some advice on the process and valuation of the freehold.

You don’t say how long your lease is and what other terms exist.

 

[Fred Blogs]

As for your lack of £6000 only the bank can say if they will loan you that money. Ask them they can only say yes or no.