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