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Freehold Entrenchments
Comments
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Thanks, Eddddy,
For clarifications, the investor will to enter into a binding committed agreement with Leaseholders, whereby in exchange of meeting the full cost of purchasing the freehold from the council, Leaseholders to transfer their share of the freehold represented by the rooftop to the Investor and to support it in getting council approval to build certain number of units on the rooftop.
So from day one, the leaseholders are committed to sell the rooftop to Investor and to support them to get the approval of planning permission from the council.
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So once you've passed ownership of the freehold to the investor, you might have no control over what they do with the building. For example, they may build more flats / more storeys than they told you they would. And they might be rubbish freeholders.K51 said:Thanks, Eddddy,
For clarifications, the investor will to enter into a binding committed agreement with Leaseholders, whereby in exchange of meeting the full cost of purchasing the freehold from the council, Leaseholders to transfer their share of the freehold represented by the rooftop to the Investor and to support it in getting council approval to build certain number of units on the rooftop.
So from day one, the leaseholders are committed to sell the rooftop to Investor and to support them to get the approval of planning permission from the council.
It would be better to work out a deal with your fellow leaseholders, where you all buy the freehold, and keep the freehold - and sell the rights to build on the roof. But that might take some organisation / persuasion - plus the leaseholders will have to pay out in the first instance to buy the freehold.
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You are absolutely right eddy.
I and other leaseholder are trying all we can to convince the others with little success. 5 Leaseholders have already signed relying on discussion with a lawyer arranged by the investor.
Here I'm trying to find out if such a scheme exists? who, apart from remaining leaseholders to talk to.0
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