Is selling a share of a flat to the other owner a sale or a transfer of ownership?

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    Is selling a share of a flat to the other owner a sale or a transfer of ownership?

    The flat owned on a joint tenancy has a restriction giving first refusal of its sale to the Freeholder and its shareholders. And which also requires the Freeholder to agree to that sale. Meanining presumably it would require a majority vote in favour. So how does this apply if one half share of the joint tenancy is sold to the other already resident tenant. The joint tenancy becomes a single ownership. In this case do these restrictions still apply?

    #2
    So agree between you that the transfer value is £3million. Give them the option to beat that.

    Having the freeholder "agree" to a sale is a totally different matter however -- why would anyone purchase a property with such a restriction???
    As you state it - it is basically buying something you may never be able to sell (and which consequently has a resale value of zero).

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      #3
      Is the lease 99 or 125 years term ? Its an unusual lease if it gives the freeholder first refusal or requires the freeholder to agree ?

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        #4
        It depends on the precise wording of the relevant clauses.

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          #5
          This clause is very common in shared ownership properties although I've not come across it in any other context. Can you quote the clause in full to enable a full answer.

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