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Freehold sale
pda
Posts: 92 Forumite
Hi
We're selling our flat which on the ground floor of building with 2 flats. We own the freehold for the whole building.
The buyer is interested in buying both freeholds as the people upstairs are not interested in buying a share of the freehold.
The solicitor has just informed us that we would need to serve notice on the upstairs flat and before we sell the share of the freehold to the buyer.
This will take 2 months.
Is there any way around this to speed things up?
Thanks
We're selling our flat which on the ground floor of building with 2 flats. We own the freehold for the whole building.
The buyer is interested in buying both freeholds as the people upstairs are not interested in buying a share of the freehold.
The solicitor has just informed us that we would need to serve notice on the upstairs flat and before we sell the share of the freehold to the buyer.
This will take 2 months.
Is there any way around this to speed things up?
Thanks
0
Comments
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No. If selling th freehold you have to offer it to the current occupants.
However there is nothing stopping you from selling the lease on your flat in whatever timescale you decide, and selling the freehold a month or two later.0 -
What happens if:
1. you offer the freehold to the people in the upstairs flat
2. they oblige you by saying straight away that they don't want it?
Does that still take 2 months?No reliance should be placed on the above! Absolutely none, do you hear?0 -
That's incorrect, there is no right of first refusal where the landlrod is resident as both flats must participate to exercise the right to first refusal. The landlord would not sell to himself....
Were you to serve a notice as a precaution, if all the parties decline, then you can proceed.
If the freehold is held by a company that owns it, they can sell the company without triggering R2FR
Of course if there is no lease on the landlord's flat( and is going to grant a lease to the owner on completion) 1 long lease does not trigger the R2FR.Stop! Think. Read the small print. Trust nothing and assume that it is your responsibility. That way it rarely goes wrong.
Actively hunting down the person who invented the imaginary tenure, "share freehold"; if you can show me one I will produce my daughter's unicorn0 -
selling the lease is an option but not sure if the buyer will be interested in a two stage process
thanks propertyman, so basically I we can just proceed without serving notice?0 -
propertyman wrote: »That's incorrect, there is no right of first refusal where the landlrod is resident as both flats must participate to exercise the right to first refusal. The landlord would not sell to himself....
Were you to serve a notice as a precaution, if all the parties decline, then you can proceed.
If the freehold is held by a company that owns it, they can sell the company without triggering R2FR
Of course if there is no lease on the landlord's flat( and is going to grant a lease to the owner on completion) 1 long lease does not trigger the R2FR.
That's my understanding too. Does the OPs flat even have a lease? It wouldn't be uncommon.
OP, a phonecall to the Leasehold Advisory Service should get you the answer you need.Everything that is supposed to be in heaven is already here on earth.
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I have a lease on my flat.
Cheers i'll give them a call.0 -
I rang them and they basically said I don't really need to serve notice. Its advised to do it as a precaution but as it 50-50 share of buildings they will not have any power to contest. As they don't wont to buy it makes it even simpler.
Thanks propertyman and Doozergirl0 -
No problem! Even better, thanks for coming back to let us know how it went! People don't always do that and it's nice to know when you've been helpful
Everything that is supposed to be in heaven is already here on earth.
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selling the lease is an option but not sure if the buyer will be interested in a two stage process
thanks propertyman, so basically I we can just proceed without serving notice?
On the basis of your post's information, yes.
Ah just seen your new post nice to see LAS get it right- they have been shaky when it came to the landlord's perspective Stop! Think. Read the small print. Trust nothing and assume that it is your responsibility. That way it rarely goes wrong.
Actively hunting down the person who invented the imaginary tenure, "share freehold"; if you can show me one I will produce my daughter's unicorn0
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