[Finance] Any Freehold experts out there ?

[Binney on acid]

I own the freehold to a block of 4 flats in Brighton, I also own one of the flats. My daughter owns another, and the other 2 flats are owned by an individual. If I were to sell my flat to him, would I have to sell him the freehold ? I'd like to retain ownership of the freehold, and protect my daughter's interests.
He wants to buy our two flats along with the freehold, and create a 2nd floor, comprising of 2 additional flats. If I were to sanction this building work, and the two new flats were sold, what % of the profit should I expect ?
I won't be making a financial contribution towards building costs. However, he couldn't proceed with this project without me sanctioning it. My brother thinks the rule of thumb is 25%. I've been offered 10%, which as far as I'm concerned, isn't worth the disruption that my daughter will experience. .

 

[Herr Tubthumper]

My advice is to speak to the Brighton solicitors Dean Wilson. They are experts in this sort of stuff. Trust me, it will be money well spent.

 

[Zeberdi]

Agree with Dean Wilson.

They enabled myself and 4 other Leaseholders to purchase our freehold from an absent/oversea owner where we were being charged extortionate management fees by the Freeholder’s managing agents - they then set up the new company with us as directors etc to manage the Freehold and drafted us all new Lease extensions.

Not cheap but saved us thousands in the end, made our properties more sellable and gave us control to maintain the property.

If you are dealing with complex property law/equity law, then you need a good solicitor.