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DNM2012
Senior Member
Last Activity: 15-11-2017, 09:00 AM
Joined: 06-07-2012
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  • DNM2012
    replied to Buying a freehold
    Two seperate things.

    You are both, a leaseholder & the lease still exists and you are still bound by the terms in the lease, but also a freeholder and jointly responsible for the freeholders responsibilities contained within the lease with your co freeholder.

    As long as...
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  • LJP,

    Technically that is correct, but the right to first refusal requires both leaseholders to accept the right, it also needs both leaseholders to challenge the sale if the right is not offered, so in this case the other leaseholder cannot act either way.

    However I would still...
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  • The other leaseholder does have the right to first refusal in the sale of the freehold, however as you have mentioned the other leaseholder will not be able to exercise the right without the cooperation of the other leaseholder, in this case you.

    You should probably serve a section 5 notice...
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  • Yes they have value, how much depends on how much income they generate, future lease extension premiums and possible development potential.

    You will get different answers depending on exactly what you own, by the sounds of it you have a mixture of things, if you are now the freeholder of...
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  • Your statutory right is to a 90 year extension taking the ground rent down to zero, the cost of this will be in the region of £18k plus legal fees.

    You have no legal right to extend your lease by 25 years or to 99 years and the freeholder can charge you whatever he likes for these informal...
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  • Read your lease, but the building manager is probably correct.

    Have you offered to give them a key? If there are no complaints from the other leaseholders, who presumably have the right to use all the common areas and pay jointly for the upkeep and there are no implications for fire safety,...
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  • The difference in value between leasehold and share of freehold in this case is pretty low, maybe between 0 and 1% of the overall value.

    You should definitely revise your offer downwards by at least £15k, but it does sound as though you will be stretching yourselves in terms of paying...
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