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Thread: Any flat owners bought their freehold?

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    Default Any flat owners bought their freehold?

    Just looking for a bit of general advice... A few of us are sick of being ripped off by our management company and have talked about taking over.

    It's a 1989 building with 6 purpose built flats.

    If anyone knows anything about this sort of thing and could give me a bit of help it would be great! Feel free to PM!

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    Ex Vec-C Admin Stevel's Avatar
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    This came up recently on another forum.

    This site is a good starting point.

    http://www.lease-advice.org/

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    Regular Member Zark's Avatar
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    i did it when i was living in a block of four flats for exactly those reasons...

    4 homeowners, set up a non-trading Ltd Company to manage the building. 4 equal share-holders had a share each, worth 1 pound.

    We would meet as often as necessary (and at least once a year) and decide what needed doing... You're then free to find your own decorators for communal areas, and all the other bits you get ripped off for...

    If you get on with the other flats, you should really get some legal advice and get it all done properly. Although the existing lease-holder (the original builder) was a bit reluctant to give away his gold-mine/money making machine... and i seem to remember it cost a few quid up-front, it was an excellent investment as far as we were concerned.

    Also - you have the benefit of selling a share in the freehold when you sell the flat, which makes your property more attractive to potential purchasers, IMO

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    Cheers guys,

    Definitely something which would suit us I think. Gonna check out that website and see if I can find a local solicitor who won't charge tooooo much...

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