Landlord selling Leasehold interest

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

    Landlord selling Leasehold interest

    Hello,

    We recently received a S5/5a Landlord & Tenant act that our landlord is selling their leasehold interest in our development. We have 2.months to submit our decisions under the right of first refusal.

    Please could someone help explain and maybe answer the questions below:

    1. Are they selling the freehold? If it is not the freehold, what is it that we are buying?
    2. Benefits of buying it Vs not?
    3. How costs would be split if a majority vote to purchase?
    4. What happens after the 2 months?

    Many thanks in advance. You help is much appreciated!

    #2
    your questions are of a very general nature and best answered by reading the Government sponsored lease advisory service website

    https://www.lease-advice.org/

    Comment


      #3
      Whether or not you are being offered the freehold is a question to ask the people who sent you the notice.
      Alternatively you may be able to find out by checking details on the Land Registry.
      It may be that there is a head leasehold between the freehold and your leasehold, and that is what is now being offered for sale.

      Whether to buy or not depends on whst is being offered - and also on who would be buying with you.

      You will have to agree between you how costs are split (usually this would be an equal split between all who participate).

      If you don't take up the offer the sale can be on the open market (but not for less than the price offered to you).

      Comment

      Latest Activity

      Collapse

      Working...
      X