Hello. Apologies if this is the wrong forum. I am utterly confused as to where to post this.
I own a flat, which I rent out. I have owned it for almost a year.
It's a top floor flat in a building with approx 4 other flats.
I have a 125 year lease.
I've been sent a letter today giving me first right of refusal for the purchase of the freehold which is to happen via auction. I have so many questions!
a) I think at least 50% of us have to want the freehold to proceed right? I couldn't buy it on my own?
b) how on earth do you know how much it costs?
c) if I say yes and I forced to pay whatever it goes for at auction? Or is that the point where I get the first right of refusal?
c) what happens if we don't buy it - can a new landlord come in and change all the fees that are charged etc?
d) what happens if we do buy it ? Do I become responsible for all the communal areas and insurance for the whole building?
e) what about the flats who don't want to buy it? do I become their landlord and charge them service rent?
SO VERY CONFUSED ABOUT EVERYTHING!
Thanks in advance for any help or any pointers in the right direction would be good. Naturally I know I'm going to have to speak to a solicitor but would love to get some idea on these things!
Thanks very much
Kelly
I own a flat, which I rent out. I have owned it for almost a year.
It's a top floor flat in a building with approx 4 other flats.
I have a 125 year lease.
I've been sent a letter today giving me first right of refusal for the purchase of the freehold which is to happen via auction. I have so many questions!
a) I think at least 50% of us have to want the freehold to proceed right? I couldn't buy it on my own?
b) how on earth do you know how much it costs?
c) if I say yes and I forced to pay whatever it goes for at auction? Or is that the point where I get the first right of refusal?
c) what happens if we don't buy it - can a new landlord come in and change all the fees that are charged etc?
d) what happens if we do buy it ? Do I become responsible for all the communal areas and insurance for the whole building?
e) what about the flats who don't want to buy it? do I become their landlord and charge them service rent?
SO VERY CONFUSED ABOUT EVERYTHING!
Thanks in advance for any help or any pointers in the right direction would be good. Naturally I know I'm going to have to speak to a solicitor but would love to get some idea on these things!
Thanks very much
Kelly
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