Actual selling price of freehold

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    Actual selling price of freehold

    Hi - When the Landlord is obliged to give the right of first refusal to the Leaseholders he tells them the selling price. Leaseholders may find this price too expensive and refuse to purchase it. Then the Landlord sells the Freehold to a third party. What happens if the Landlord ends up selling the Freehold for a lot less than what he told the Leaseholders he was going to sell it for? The 3rd party purchaser may negotiate the Freeholder to a price that would have been acceptable to the Leaseholders. How can we as Leaseholders keep a competitive edge with the Freeholder without losing the opportunity to buy? Any insights or comments are greatly appreciated. Thanks

    #2
    I think it becomes a criminal offence to sell at below the RFR price within one year.

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      #3
      You can ask the land registry for a copy of the Transfer form following registration

      what you need to remember is that if the landlord serves a section 5 notice and you counter offer then he can sell to anyone so long as it is no cheaper than the price on the section 5 - he need not communicate with you about the offer any further after the counter offer - the traditional ritual dance of offer, counter offer and meet in the middle is something not available under the 1987 Act

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        #4
        He cannot sell any cheaper unless he serves a new notice to leaseholders and they may find price more agreeable.

        Did you run the basic freehold valuation - is it a good value for monies?

        Generally your mortgage company will be more than happy to offer you monies to pay for share of freehold.
        But do check is it a good value for monies or not.

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