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Leasehold / freehold / convert house???

  • 28-10-2007 6:55pm
    #1
    allypal
    Registered Users, Registered Users 2 Posts: 19 ✭


    leasehold and freehold....can someone help me understand...?? is it possable to turn a 3 bed semi-d house (privately owned) into two separate apartments in order to sell one and live in the other......???? this is a big thing in england.....but here most apartments are in complexes and not your typical style suburban redeveloped house????????????can anyone help??


Comments

  • #2
    MrVostro
    Closed Accounts Posts: 177 ✭✭MrVostro


    Its not common but ive heard of it being done alright


  • #3
    Jo King
    Banned (with Prison Access) Posts: 2,139 ✭✭✭Jo King


    In order to do it the house needs to be freehold. That means that title to it is not held under a lease from a ground landlord. Planning permission must be secured. A management company must be set up to hold the freehold. The company then leases the apartments to the new owners on 999 year leases. There may be difficulties selling on one or other apartment as many lenders are reluctant to offer mortgages on apartments which are divided from one another by wooden floors.


  • #4
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,243 Mod ✭✭✭✭godtabh


    Jo King wrote: »

    The company then leases the apartments to the new owners on 999 year leases.

    That can range from 99 years to 999 years


  • #5
    allypal
    Registered Users, Registered Users 2 Posts: 19 ✭allypal


    i dont understand management company......is it a company which exists on paper only?? similar to the way in which foreign investment in property in asia works???
    Does anyone know some websites where legal information is available regarding property and also property development??
    thanks so far !!


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