Landlord has served a section 5, 5A

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    #16
    That is a matter for negotiation between you. It is often a per flat basis, sometimes a % based on service charges %s. You might even go 50/50. In this case the income is small the leases over 960years and if there is no hope of development value then there is little to disagree over, expect perhaps any expenses where as block you pay the lions share and you might wish a greater say in proportion. On the other hand they may not wish to get involved if it is always, say, your 4 votes to their 1.
    Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.

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      #17
      Originally posted by leaseholdanswers View Post
      That is a matter for negotiation between you. It is often a per flat basis, sometimes a % based on service charges %s. You might even go 50/50. In this case the income is small the leases over 960years and if there is no hope of development value then there is little to disagree over, expect perhaps any expenses where as block you pay the lions share and you might wish a greater say in proportion. On the other hand they may not wish to get involved if it is always, say, your 4 votes to their 1.
      Please excuse me butI'm still not sure what you mean ie: 4 votes !!.
      4 flats in the block--I own 2 which are rented out . Remaining 2 flats are owner occupied. 1 of the owners is interested in buying. The other owner is 'skint'and probably couldn't care less .
      The owner who may wish to buy and myself are having a meeting on sunday to hopefully come to a conclusion.
      They surely will ask me how much it is all going to cost etc- and I was hoping I could have a idea and be 'forearmed' before they come here to discuss it.
      My own house is only across the close from where the flats are and I have known the people who wish to buy for 20 years.
      I have no wish to cheat them--but also no wish to pay more than I need to.
      It's just the percentage thing we will need to agree and also roughly how much legal charges will be .(Has anyone idea of the cost ?)
      Each individual flat is maintained by the tenant
      so absolutely no mtce required by the landlord.
      With my 2 flats and their flat we have 75% of the total flats.
      Meanwhile- where does the remaining tenant (who wont buy) stand ?.
      Regards, Pete

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        #18
        Re sharks

        Originally posted by peter a View Post
        Hi All,
        My first post on here , so I'll try to keep it short and to the point .
        I am hoping for some advice from you knowledgable people .
        I am the owner of 2 purpose built flats in a block of 4 flats.2 flats up and 2 down.
        Each flat has its own entrance, garden and drive-so- no common use areas. The other 2 owners of the other 2 flats have bought them-and reside in them.There is 960 years remaining on the lease at £25 per month.
        I let my flats out on a sht.
        I purchased my first flat in the block in 1998 and second in 2001.
        Each flat is worth approx 90k.
        Last week we received a letter from freeholders (Barratts manchester) solicitor- giving us right of first refusal. Section 5. Price stated is Deposit £140 and Consideration £1400.
        The other 2 tenants are not interested in buying the freehold at the moment and is doubtful they will change their minds .
        Because I only own 50% of the 4 leases in the building-it appears I fall short of being a majority-so cannot do it.
        I also feel the price stated is not worth it from a investment point of view -that's if I could buy the lease.
        My dilema is- in 1998 when I first let out the first flat- a certain unsavoury management company (who are quite famous on here) bombarded me with lots of demands for payments- for the usual stuff -and I had to pay. They said they were the freeholders of the property- and continued to charge me .
        It was a very stressful time . After maybe 15 months of this- I started digging Land Reg etc - and it turned out Barratts were the freeholders-ebven though barratts has sold nearby buildings to 'them'.
        It was then a struggle to get my money back from management company/fake freeholders.
        The point I am trying to make is- if I did not (providing I could) purchase the freehold- and it was 'sold on' -- it could possibly end up in the hands of such sharks again- and as I now have 2 flats in the building it will be twice as bad.
        Would you think that such a company would be interested in the building which does not provide much in the way of income ?.
        Sorry this is a bit long .
        Regards, Pete
        Just a recent development ,
        Decided to dig out the lease --and read it very carefully .
        Turns out- there is absolutely nothing at all about sub letting the property out .
        Also says - lessee is responsible for insurance .
        Usual stuff about gardens and additions etc - but nothing at all that could have any impact on me at all.

        SO- if I decided to decline the offer of the freehold- has anyone any idea of anything else the potential purchaser of the freehold could 'STING' me for ?.

        ps- I really am sorry for dragging this post out- but - if you have 'been there' I am sure you will understand just how I feel at the moment ..
        Regards, Pete

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          #19
          Blood out of a stone

          Hi all,
          Things have moved on somewhat lately- and now it is possibly everyone who has a interest in the block of 4 flats is willing to go ahead- depending on 'bottom line' (costs).
          Now here is the problem- I am trying to get a answer off solicitors as to what the 'reasonable costs' of the freeholder who is selling, would be !!.
          I am also trying to get a ball-park figure of the costs and other bits involved in the legal side of it all- from the solicitor who could be acting for us .
          However- It really is like trying to get blood out of a stone .
          all I want is a 'ball park' figure --but - it seems they dont seem to like that approach !!.
          REASONABLE COSTS ? what does that mean ? . What is reasonable to one person may not be reasonable to another .

          Seeing as I am the one doing all the running around for the others involved- it really is knocking the stuffing out of me .
          What's the problem with solicitors ? why cant they just 'spit it out' and let people know the costs before they start wasting money ?.
          If it's too expensive- we will just say no. If price is acceptable- we will say yes . Simple as that .
          Anyone who writes a open cheque to any service providor including a solicitor is silly .
          Can someone please please let me know approx costs of the legal stuff ?. Just a round about figure will do.
          Details are in my first post . Collective Enfranchisement .
          Regards,
          Pete

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