Leaseholder Buying Freehold
A question on leaseholders buying a freehold, insights much appreciated.
A converted house with three self contained flats on 999 year leases and no ground rent. 3-bed on ground floor, 2-bed on first floor and 1-bed in the converted loft. Each flat owned by different people (not occupiers but BTL landlords I believe) and freeholder no longer ‘owns’ any of the three flat leaseholds, so wants rid of the freeholder responsibilities. In the past couple of years, he moved from personally managing to using a managing agent as the first step down this road with hindsight. Could conceivably put freehold up to auction if none of the leaseholders wants it - not sure what demand there would be unless they would charge unreasonable management fees...
Any pros/cons or considerations in buying the freehold alone versus dragging the other two leaseholders along? Freehold price fairly nominal. In an ideal world I would buy the leaseholds from the other two and just own the whole building.
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