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ground rent
eyewash
Posts: 28 Forumite
The company who deals with our ground rent has given us the opportunity to buy the freehold at auction. We have to pay £32 for entering into this but we have no idea how much the cost of the freehold might be. Has anyone any advice before we part with the £32? All the freeholds will be sold so we have no idea who else might buy them. Are we talking hundreds of pounds or thousands? Anyone in similar situation?
0
Comments
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Get advice because you have to be given 'First Refusal ' of the lease by law.....................they cannot put it up for auction until you have been given this.
http://england.shelter.org.uk/advice/advice-193.cfm#wipTest-506-1
And if they haven't given you the chance first you can legally stop the sale :-/0 -
We pay £90 a year ground rent. The original builder recently sold the freehold onto another company - 991 years left. Never offered it to us
The new company wrote to offering to sell it to us for £2530 plus their legal costs! needlesstosay I ain't buying it at that price.0 -
They can do this if they either sell the holding company on or if there was pre-existing agrement.
Sharp practice but legal.0
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