Freeholder redeveloping site

mark.lovell

Hi all,

New poster so please let me know if I'm doing anything wrong!

I currently own a flat and the building it is in has fallen into disrepair and is going to require a lot of money to bring it back to its former glory (without going into too much detail.) There's a lot of toing and froing between Leaseholders and the Freeholder/Managing Agent but due to the potential cost of the works required, the Freeholder is apparently considering redeveloping the site/building as it may be more cost effective.

I just wondered if anybody has any experience with this and how it may play out if it does come to this? Specifically with regards to whether the freeholder would have to buy out my flat/leaseholding and how that would usually work?

Thanks

Mark

princeofpounds

That's an interesting question, thanks for bringing something new. Unfortunately it's not something I can answer, though others may eb able to.


I do however suggest that you get in touch with lease-advice.org. That's a government funded advice service on matters like this and you'll probably find they know the basics.
You will probably find that they do have to buy you out in some fashion, but how compulsory/voluntary that is I don't know. I suspect you have a strong position.

mark.lovell

Thanks for the advice, I'll definitely check out that website.

Soundgirlrocks

Can't offer any advice but will be following with interest