Converting a freehold house into flats is becoming more and more common as people try to find ways to supplement income and maximise assets for their retirement.
If you are thinking of converting your property into flats, contact us to arrange a free half hour appointment to discuss your plans and how we can help.
If you are looking to mortgage or sell the flats then it will be essential that the title to the property is also 'converted' into a leasehold scheme.
There are various types of leasehold arrangements and it is important that the right scheme is implemented in order to ensure the most cost effective running of the flats as well as future marketability of the flats. It is also important to ensure that the leases are correctly drafted in order to meet a lender's requirements, as well as those of a future buyer.
A poorly drafted lease can cost thousands to remedy, so it is much better to get it right first time.
We have staff who have experience in drafting effective leases which minimise any difficulties when selling or mortgaging the flats in the future.
Once you decide to go ahead we will supply you with a simple setting up questionnaire which will cover the basic information. Once you have the plans for the lease we will normally request a meeting to run through the plans and questionnaire to enable us to understand how the conversion will take place and how the flats relate to each other. You will then receive an initial draft of the lease within 10 working days from receiving final information from you.
No aspect stands out, as all aspects were exceptional. That said, I particularly appreciate the direct way in which my questions have been dealt with, regardless of whether or not a I was going to like the answer - that approach has saved time and, of course, money.