Delayed in nominations - Freehold Purchase.

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    #1

    Delayed in nominations - Freehold Purchase.

    Hi There,
    we (5 leaseholders) have been late in sending the nominations to freeholder within given 2 months time as freeholder went into administration and appointed administrators are selling the freehoild. we did sent back the offer acceptance notice within time but couldn't set up a company within time to buy the freehold under company name, 1987 Act Sec 5A. Freeholder administrators now refusing to sell us and saying they are selling to some one else. They received the company details about 7-10 days late.
    We don't want to miss the opportunity to buy the freehold of our block hence need some advice how to go about it now.
    Thanks.
    Tags: freehold, late, leasehold, nominations, problem
    #2
    You missed the deadline. It’s unlikely that the FTT-PC will support the sale to you, and even so will take some time to arrange a determination, so your options are

    1 negotiate- after all they can only sell it at the price offered
    2 exercise the right to buy under the 87 Act or right to enfranchise under the 93 Act.

    You have the people and the company ready so off you go.
    Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.

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