Quiz - how well do you understand your lease?
Understand the key things you should know about your lease. If you are a purchaser, this can help make sure your solicitor has covered all of these points and explained them clearly to you.
You will need to agree with each other how you want to hold the freehold. The options available are;
- to form a company. The Articles of Association of the company would govern how the company is run.
- to hold the freehold in individual names on trust for each other. Only 4 trustees can be registered at any one time at the Land Registry and so the registered trustees would hold the freehold on trust for the other co-freeholders. It is advisable to draw up a trust document to govern your ownership of the freehold.
You should take specialist advice on the best option for your particular circumstances.
More information you might find useful:
- Participation Agreements
- Companies House (external link)
- More Frequently Asked Questions on Buying the Freehold of Flats
Still not found the answer?
Contact LEASE to have your enquiry dealt with by one of our experienced advisers