Section 5A Notice

usman330

Received this in the post a few days ago. Im not familiar with a section 5a notice? Bit of reading tells me it means the freeholder is offering to sell the freehold of the building and the owners of the flats as tenants get first refusal?

And if im correct, do all freeholders have to agree/chip in for us to buy the freehold, if one refuses then it cant happen?

Its a large complex of flats, probably 100 or so.... So very unlikely everyone will agree.

I cant even work out if they are offering to sell the freehold at £448,500 or £22,425.

Any help is greatly appreciated.

propertyman

The cost of the freehold is £448,500. How that is divided up depends on how many of you decide to participate in buying the freehold, , and that group will have to pay a deposit of £22k.

Here is an advice guide on the process.
http://www.lease-advice.org/publications/documents/document.asp?item=16

I would not go to solicitor find a local firms of chartered surveyors who deal with freehold purchase and residential management to advise you, and the lawyers can deal with the legal niceties when the time comes.

http://www.ricsfirms.com/vw/search/Advanced.aspx

search under residential property management