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  • Buy-to-Let

    Fly freehold help please

    Hi Dominique - this is not a flying freehold. We have a similar situation resolved as follows:

    We are currently buying the Freehold of a property along with the 6 Bed HMO on the 1st and 2nd floors with the ground floor previously sold off on a 99 year lease already.

    To get a mortgage we are just buying the freehold in our own personal names (for a £1.00) and the HMO at purchase price creating a 99 year leasehold bought in our company name.

    This will all happen at the same time on the completion date

    Smile

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    So if I understand it correctly, you own the upstairs and someone else who you have no control over owns the downstairs?

    This is fraught with problems and risk.  When the previous owner split the title, did he put in the necessary standards of sound insulation/fire insulation between the 2 floors?  What if he decides to do structural alterations below like removing internal walls or other alterations that cause noise/vibration/smells (eg. putting in air con which attaches noisy vibrating appliances to your common external walls)?  If there is no formal documentation or paperwork between the 2 properties to lay down rules, regulations then you are at risk from each other.

    As a buyer this would put me off, and as a lender this would put me off.  Personally I wouldn't touch it.

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