Freehold sale with 2 leases

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    Freehold sale with 2 leases

    Hello - I own a property that includes the entire freehold and leasehold to one of the 2 flats in the building. (I own the freehold my husband owns the leasehold).

    I am selling the property with the freehold.

    My buyer is getting nervous - and so am I about the transfer of the freehold. our solicitors aren't helping matters.

    From my understanding once we serve section 5 notice and my husband rejects it - we can proceed with the sale as the other leaseholder in the flat will never have a 51% majority.

    I've read some advise that says we don't even need to offer the section 5 to the other leaseholder ... only to one is this true?

    Is there anything I need I should be looking out for or worried about in this process or as am I the freeholder and husband is the leaseholder we are in a safe zone?

    thank you for any responses.

    #2
    Your understanding is correct, the other leaseholder will never be able to accept the offer.

    Do you live in the property as your main residence and have done for more than 12 months? If so you don’t have to offer the right to first refusal anyway.

    Having said that your solicitor will probably advise you to serve the section 5 notice and wait until it expires before selling the freehold.

    Comment


      #3
      Originally posted by DNM2012 View Post
      Your understanding is correct, the other leaseholder will never be able to accept the offer.

      Do you live in the property as your main residence and have done for more than 12 months? If so you don’t have to offer the right to first refusal anyway.

      Having said that your solicitor will probably advise you to serve the section 5 notice and wait until it expires before selling the freehold.
      Thank you so much for your reply. yes we live in the building and have done so for the past 5 years. This is very reassuring.

      So we don't even have to inflate the cost of the freehold it can be 100£.

      Comment


        #4
        The following thread discussed the same very point

        https://forums.landlordzone.co.uk/fo...property-block

        Comment


          #5
          Originally posted by sgclacy View Post
          The following thread discussed the same very point

          https://forums.landlordzone.co.uk/fo...property-block

          Thank you for this link.

          Comment

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