Andrew Mobbs (mobbsy) wrote,
Andrew Mobbs
mobbsy

I've just heard about the new (2002) commonhold legislation which come into effect next month. As far as I can tell from a quick read, it gives leaseholders the right to collectively buy the freehold, convert it into a commonhold and hence own their own property.

Early next year the remaining lease on my flat drops below 60 years, at which point it becomes difficult to get a mortgage on it (don't ask me why the mortgage companies need so much time, but that's a fact). From all I'd heard until now, it would cost me several thousand pounds to extend the lease, but would be necessary if I wanted to sell or change my mortgage. Commonhold sounds like an ideal way out.

I need to read all this in more detail, find out how much it would all cost and contact the leaseholders of the other three flats in my block. AFAICT, if two of the other three agree, and it's affordable, then we'll be able to go ahead and not be in difficulty next year. Of course, if somebody else has just paid to renew their lease then they may be reluctant to scrap it.

I've never tried to organise something like this before, the prospect is all quite nerve-wracking. If anybody reading has any knowledge about commonhold, I'd be interested to hear.
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