Can I change my freehold property to leasehold?

Can I change my freehold property to leasehold?

There are circumstances when it makes commercial sense to convert a property tenure from freehold to leasehold. These circumstances could include dividing a large house into flats or conversion of a commercial property under permitted development rights. If you choose to go down this route you need to tread carefully.

Why do you need 1st sure flat Freeholders guide?

So, the consequences of falling short in this area are serious, 1st Sure Flat’s guide will help freeholders understand the key actions required to avoid incidents and thus reduce claims on their freeholders’ insurance and premiums. Freeholders in control of premises have duties under the Occupiers Liability Act 1984.

What do you need to know about 1st sure flats?

Last week we covered Slips and Trips, this week it’s electrical installations. Second in the series of 1st Sure Flat’s Freeholders’ Guide to Health & Safety relates to the safety of electrical installations in your block of flats or building converted into flats.

Who are the underwriters for 1st sure flats?

As specialists in the flats and block of flats market, 1st Sure’s underwriters understand the needs of freeholders as well as the unique buildings insurance requirements that they have to fulfil and the 1 st Sure bespoke policy wording is designed to reflect this.

Is it safe to own a block of flats?

This clearly extends to managing electrical safety within communal areas in a block of flats or buildings converted into flats that you own or manage.

Where does the freeholder own all of the buildings?

Buildings are fairly straightforward where the freeholder owns outright all of the buildings, part built, derelict or otherwise. Airspace is the air above the land that protects the reasonable enjoyment of the land and buildings, known as the lower stratum.

So, the consequences of falling short in this area are serious, 1st Sure Flat’s guide will help freeholders understand the key actions required to avoid incidents and thus reduce claims on their freeholders’ insurance and premiums. Freeholders in control of premises have duties under the Occupiers Liability Act 1984.

Can a flat be insured by a freeholder?

If you are a leaseholder of a flat, you will normally find that the whole building including the part you lease have been insured by the freeholder, or possibly the residents association if there is one. You may be asked to pay a share of the premium normally as part of your service charge.

How does a leasehold property become a freehold property?

The owner of this house creates two leasehold properties by converting the house into two flats and creating a 100 year lease for each flat. Without the lease, when a flat is sold the freeholder would lose possession of that part of the building, and by extension the rights to what can be done with it.