What action next against a Freeholder ?

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    #16
    Originally posted by BlueMystery View Post
    Andy, my key question here is - the Freeholder has not offered the FH to the leaseholders
    The letter you received from a company about buying the freehold, did this mention anything about Section 5 of the landlord and tenant act. It may be that the FH has offered to sell to a Company that has served the notice on his behalf.

    If so then you have two months from the date the notice was served to get more than 50% of the leaseholders to agree to buy the FH.

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      #17
      This is what was received - edited out personal information.

      Section 4 is wrong - the dates listed are not 100% correct, and the GR as already discussed


      PAGE2.jpg

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        #18
        to confirm this was sent to us by the Company who want to buy it

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          #19
          You have been served a Section 5 notice. If you do not get more than 50% of the leaseholders to accept the offer of first refusal within 2 months of the date of service, then the freeholder will be free to sell to whoever he chooses, in this case the company that served the notice.

          The points you make about the details in section 4 don't make the notice invalid. The notice must have been sent to most of the leaseholders(90% from memory) to be valid.

          You need to act quickly if you want to buy the freehold.

          Comment


            #20
            BlueMystery,

            That first image includes the address of the property and details of lease terms and Annual rent for each flat, not just your own, so it has been removed for those reasons. If you wish to re-post please remove all identifying details.
            I also post as Mars_Mug when not moderating

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              #21
              Ok thanks

              From our meeting nobody was in agreement to buy at the offered price - think its a case of wait and see what management proposals any new FH tries to introduce with regard charges, and then reconsider an RTM company if necessary - although face the usual apathy from most owners to actually doing anything.

              Seems disgraceful that the current FH can be allowed by the law to get away with everything he has done and keep the Maintenance Reserve Fund OR will he have to transfer it to the new Management so we still have a credit balance - otherwise collectively we will have handed a lot of money over for nothing

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                #22
                Originally posted by Moderator2 View Post
                BlueMystery,

                That first image includes the address of the property and details of lease terms and Annual rent for each flat, not just your own, so it has been removed for those reasons. If you wish to re-post please remove all identifying details.
                thanks I missed that bit when editing the AR is academic as it is incorrect anyway as are the dates of the Leases

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                  #23
                  images revised with editing -- to confirm the AR is incorrect and the Lease Dates are incorrect - hence leaving on the image to illustrate problem - no identifiable personal information has been left in the image


                  PAGE1.jpgPAGE2.jpg

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                    #24
                    It's unlikely the price in the offer notice is unreasonable as it looks like he has a buyer lined up prepared to pay that price. It cannot be sold for a lower price or better terms for 12 months.

                    You should google the company that's buying it, see what you can find about their reputation.

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                      #25
                      I didn't notice the price in the first pics. For £2000 plus legal fees you can buy the freehold to the building. You only need 4 of the leaseholders to accept the offer.

                      I think you should seriously consider buying it.

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                        #26
                        The company buying it are literally a name created in 2014 working out of a private residence address. They have no website, no accounts published and claim they represent many FH companies as owners or managers.

                        Regardless of the price etc - what do we do because NONE of us was given a First Notice of Refusal or does this letter from the would be buyer suffice

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                          #27
                          Originally posted by DNM2012 View Post
                          I didn't notice the price in the first pics. For £2000 plus legal fees you can buy the freehold to the building. You only need 4 of the leaseholders to accept the offer.

                          I think you should seriously consider buying it.

                          Am I right in thinking as you said 4 have to want to buy it - if the other 3 do not, then the 4 have to buy all 7 ?

                          Comment


                            #28
                            Originally posted by BlueMystery View Post
                            Am I right in thinking as you said 4 have to want to buy it - if the other 3 do not, then the 4 have to buy all 7 ?
                            You need more than 50% of the qualifying leaseholders to accept the offer. In your case 4 out of 7 leaseholders minimum.

                            Originally posted by BlueMystery View Post
                            The company buying it are literally a name created in 2014 working out of a private residence address. They have no website, no accounts published and claim they represent many FH companies as owners or managers.

                            Regardless of the price etc - what do we do because NONE of us was given a First Notice of Refusal or does this letter from the would be buyer suffice
                            You HAVE been offered the right of first refusal that is what the letter you posted is, a Section 5 notice offering you the right of first refusal.

                            Comment


                              #29
                              Originally posted by DNM2012 View Post
                              You need more than 50% of the qualifying leaseholders to accept the offer. In your case 4 out of 7 leaseholders minimum.



                              You HAVE been offered the right of first refusal that is what the letter you posted is, a Section 5 notice offering you the right of first refusal.


                              Cheers - but if the 4 accept the offer but the other 3 do not what are the implications

                              If accepted by the FH do the 4 have to buy all 7

                              If not accepted by the FH can the other Company buy all 7 without coming back to any of the interested LH

                              What sort of time periods are involved from here on in

                              Sorry for so many questions but have done so much reading Im confused in place

                              Comment


                                #30
                                Originally posted by BlueMystery View Post
                                Cheers - but if the 4 accept the offer but the other 3 do not what are the implications

                                If accepted by the FH do the 4 have to buy all 7

                                If not accepted by the FH can the other Company buy all 7 without coming back to any of the interested LH

                                What sort of time periods are involved from here on in

                                Sorry for so many questions but have done so much reading Im confused in place
                                You are buying the freehold to the whole building including all 7 leases which will still exist as they do now.

                                You need a minimum of 4 leaseholders to accept the notice but you could buy the freehold solely as long as the others agree to nominate you as the purchaser.

                                The FH can withdraw the offer but cannot sell to anyone else and would have to offer you right of first refusal again before any future sale.

                                The time periods are set out in the section 5 notice you posted, the initial deadline to accept the offer is 2 months and the clock is ticking on that one.

                                Talk to the other leaseholders again, for around £750 each including legal fees you could each own a share of the freehold. Obviously if less participate individual contribution will rise.

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