freehold apartment possible in Dublin?

Nicknamed

Hello all.
Recently I was exploring buying an apartment in Dublin and the owner says
'There is absolutely no leasehold or arrears to be paid on this property. Deeds are in my name only.'
Is it possible to have an apartment free hold as per his statement?
Many thanks for your advise.
Best regards

The_Conductor

Nicknamed wrote: »

Hello all.
Recently I was exploring buying an apartment in Dublin and the owner says
'There is absolutely no leasehold or arrears to be paid on this property. Deeds are in my name only.'
Is it possible to have an apartment free hold as per his statement?
Many thanks for your advise.
Best regards

I would be shocked if you could find an apartment which is freehold- the nature of apartment living means you are buying a 900 year (or however long) lease- not the freehold of the unit.

antoinolachtnai

I believe it is possible in principle.There is a common arrangement in Scotland by which this is done. (see for example https://en.wikipedia.org/wiki/Tenements_(Scotland)_Act_2004)

The problem is the question of who owns and maintains the common areas and how decisions are to be made which relate to the building as a whole. For example, how is fire safety to be assured, and how is the building to be insured to the satisfaction of the mortgagees on the individual units?

Marcusm

Nicknamed wrote: »

Hello all.
Recently I was exploring buying an apartment in Dublin and the owner says
'There is absolutely no leasehold or arrears to be paid on this property. Deeds are in my name only.'
Is it possible to have an apartment free hold as per his statement?
Many thanks for your advise.
Best regards

I suspect that he means that there is no outstanding rental payment under the lease of the apartment. it's conceivable that rent payable to freeholder/OMC could have been prepaid for term.

Samuel T. Cogley

'Flying Freeholds' existing in Irish law. I saw an apartment for sale on the Quays some years back being sold as such. Actually Scots law has a different but similar concept, credit to someone here pointing it out to me in a previous life.

Even in Scotland where a similar practice is common I had a couple of insurance agents based in England who hadn't a clue how they'd insure me. I expect getting insurance or a mortgage to be damn near impossible. I also think the person selling is mistaken, but it's possible they are not.

virgo69

I live in an apartment that is freehold. There are four apartments in each block two on the bottom and two on top, no communal areas so yes it is possible. They were built by the corpo in the 60's and sold off privately. I don't know of any others in this situation though.

Samuel T. Cogley

virgo69 wrote: »

I live in an apartment that is freehold. There are four apartments in each block two on the bottom and two on top, no communal areas so yes it is possible. They were built by the corpo in the 60's and sold off privately. I don't know of any others in this situation though.

Do you mind me asking did you manage to get a mortgage? How did you find getting insurance?

caviardreams

virgo69 wrote: »

I live in an apartment that is freehold. There are four apartments in each block two on the bottom and two on top, no communal areas so yes it is possible. They were built by the corpo in the 60's and sold off privately. I don't know of any others in this situation though.

Never knew that. Thanks for sharing. How does it work if there is a structural issue in the building or the roof etc. needs fixing?

virgo69

Originally got the mortgage through shared ownership but changed after two years to a "normal" mortgage. Hard enough to get insurance had it originally through Aviva but changed last year to Alliance, they did a Google maps thing and put an endorsement on the policy giving a description of the property. The people in the top two apartments are responsible for the roof and must give access to the attic if necessary, the people on the bottom are responsible for the drains and boundary walls, we have low walls at the front of the properties and they are constantly being knocked by cars, and give access to the people on the top to their front doors and back garden. It's an unusual set up alright.

virgo69

Nicknamed wrote: »

Hello all.
Recently I was exploring buying an apartment in Dublin and the owner says
'There is absolutely no leasehold or arrears to be paid on this property. Deeds are in my name only.'
Is it possible to have an apartment free hold as per his statement?
Many thanks for your advise.
Best regards

Where is the apartment? It may be in the same area as mine, there are about 40 apartments.