What the hell does this mesn..........?!

lukemed1

Hi everyone,

i own a leasehold flat and today was greeted by a letter form the solicitors of the company that owns the freehold. The letter says that the freeholder intends to "dispose of their reversionary interest in the freehold"........?

also, it says "The deposit and consideration required for the proposal disposal is £2,000", do i have to pay this........?

also it says "THIS NOTICE CONSTITUTES AN OFFER by the landlord to dispose of the property on the terms mentioned , this offer may be accepted by the requisite majority of those tenants of the constituent flats in the property who are qualifying tenants for the purposes of the landlord and tenant act 1987, part 1............?

and also it says "if you and other qualifying tenants wish to accept the offer contained in this notice, the requisite majority must serve notice in accordance with the Landlord and tenant act 1987 section 6.......?

so what does this mean? where do i stand and what do i do now?

please help!

best wishes

Luke:beer:

Doozergirl

They are offering you your share of the freehold for £2,000

What's the length of your lease?

lukemed1

hi, 999 years

Doozergirl

I wouldn't even bother in that case. What's the ground rent?

Basically I think it's 66% of the flats need to want to buy the freehold, but the flats that do need to buy 100% of the freehold between them. So if you didn't want it but the other flats did, they would have to buy your share for you, iyswim.

The freeholder may sell to someone else if you don't collectively take it up. To safeguard yourself from rip-off investors/managing agents, the cheapest thing for you to do as a block is take up the Right to Manage. It costs about £100 a flat and it means you can run the building yourselves or employ your own managing agent.

have a look at https://www.lease-advice.org for more info on both!

lukemed1

Doozergirl wrote:

I wouldn't even bother in that case. What's the ground rent?

Basically I think it's 66% of the flats need to want to buy the freehold, but the flats that do need to buy 100% of the freehold between them. So if you didn't want it but the other flats did, they would have to buy your share for you, iyswim.

The freeholder may sell to someone else if you don't collectively take it up. To safeguard yourself from rip-off investors/managing agents, the cheapest thing for you to do as a block is take up the Right to Manage. It costs about £100 a flat and it means you can run the building yourselves or employ your own managing agent.

have a look at https://www.lease-advice.org for more info on both!

thanks doozergirl!

so what do i need to do now?, we intend moving in about september time so whats the best thing for me 2 do now?

thanks for the advice!

Luke

lukemed1

What would you do, considering that we're currently renevating the property to put on the market asap, should i just say i don't wish to accept the offer of purchasing the freehold?


best wishes

Luke

Doozergirl

Personally I would refuse. I'd see what your neighbours plan to do though. If they do decide to buy, it would probably be better for your buyer as a new freeholder is a bit of an unknown.

sooz

please don't refuse without discussing it with all your neighbours first. They may not have received the notice, and so you could be refusing on their behalf too..... (someone did this to me!:eek: )

Rick62

Personaly I would buy, if the price is right. Get together with all the other leaseholders and compare the costs, ground rent, management charges, overpriced insurance and maintenance etc vs the cost of buying and not being at the whim of a landlord. It could also be that you can buy but at a cheaper price, it is quite a complex legal area, so ideally you need to find a good lawyer (between you) and hopefully they will give you a free initial consultation.