Freehold advice needed please

kitkat12

:idea::idea: Can anyone advise me please

Our home has been under threat of compulary purchase for the last 8 years, yet another year goes by still no money available for the council to do anything about it.
we don't want to move, we have spent a lot of money i.e new bathroom, new central heating system, new kitchen etc. we keep on top of the maintinence that needs doing.
we keep being offered the freehold to buy (we currently pay £1.50 per year)
To be honest we are not sure what the freehold is, and is it worth buying with the threat of compulsary purchase orders.
the price is just over £600 sometimes we do get offered to buy it cheaper at a knock down price, occassionaly
Any advice would be gratefully recieved

Conrad

What did your Solicitor advise?
My gut instinct would be not to buy it unless I thought the compulsory council order might be cancelled in which case your freehold could end up be worth a lot more later in which case a modest price now could be a good investment.

There will not be a right or wrong answer here - it comes down to a speculative judgement on your part. I'm assuming this is a block of flats?

kitkat12

Hi Conrad
No not flats, it's a terraced house, I haven't consulted a solicitor as yet, year after year the council keep putting off the compulary purchase order and in this economical climate, we can't see it happening for another couple of years.
thanks for the advice

getmore4less

Looks like the freeholder just want out with anything they can get.

Councill are probably waiting till they made all there staff redundant and there is a price crash in your area so they can get them all cheap.