RFR Right of First Refusal Auction

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    #31
    Originally posted by flyingfreehold View Post
    If the section 5b notice is invalid the seller may pull the sale to avoid the risk of a prosecution; the auctioneer will generally refuse to auction if it is shown to them that the notices is void
    Technically the prosecution would be for a criminal offence - the prosecution would be brought by the Local Authority - although I suspect as funds are very limited, and it's not a flagrant attempt to ignore the section 5 laws and as far as I am aware there have been no prosecutions under the Act it would be highly unlikely the freeholder would be prosecuted - the Act gives a remedy to assist the injured party, which rather makes the time and cost of a criminal prosecution very unlikely - which is what you may be proposing if the sale goes ahead

    So as flying freehold states the auctioneer would unless supported by a legal opinion of some standing, withdraw the property from the auction

    Comment


      #32
      Quick update and a caution about RFR which is a very cumbersome procedure. We managed to serve a robust 5b with signatures from all qualifying tenants which landed on the desk of the serving solicitor with four days to spare.

      We wasted a good three to four weeks speaking to the houses who still believe they have an RFR (which they don't), an 'investor' from this forum whose offer quickly changed from a win-win to a win-lose for us. But more importantly, we faffed about chasing qualifying tenants for almost two months, who for a plethora of ridiculous reasons avoided communicating with us, only to come alive, collectively offering double the auction reserve/guide price with 7 days left to submit the section 6 acceptance notice.

      My recommendation is, forget the circulars, emails, texts, phone calls. Instead, bang on qualifying tenant's doors whether they live on or off-site and clearly and enthusiastically explain your plans, but more importantly, keep it simple so you get your most wanted response. And do it early within the two-month period to avoid unnecessary stress.

      Having saved £2k on legal costs so far we're now negotiating via a solicitor and have various contingencies mapped out should it reach auction and beyond.

      Thanks all for your input.

      Comment


        #33
        Further update. Today we have received notice from the serving solicitor that their 5B was invalid and they will be severing the flats from the houses. Amount spent £13.50 on postage. Amount saved £2k plus. Result!

        Comment


          #34
          Good result . Well done .

          Comment


            #35
            Does anyone know where I can obtain an 8B Notice? Thanks.

            Comment


              #36
              Originally posted by Centurino View Post
              Does anyone know where I can obtain an 8B Notice? Thanks.
              What is an 8B Notice ?

              Comment

              Latest Activity

              Collapse

              Working...
              X