Advice on complicated leasehold and freehold situation please!

NatNat77

Thank you all for your input. My relative unfortunately does not live in the flat. So I think the right of first refusal probably does apply, but presumably just the share of freehold for the downstairs flat, not for the whole building? I have no idea if the investor will still want to buy if they can only buy a share of the freehold. 
I have shared the link to this thread with my relative so they know what to ask of their solicitor. 
Thank you all again 😊

Ps they weren't expecting to get anywhere near 20k for the freehold and would have happily extended the lease for a buyer, even if they didn't or couldn't buy the freehold. My relative was only going to sell the freehold if they could sell all of it. They just want rid of the whole thing 

eddddy

NatNat77 said:

Thank you all for your input. My relative unfortunately does not live in the flat. So I think the right of first refusal probably does apply, but presumably just the share of freehold for the downstairs flat, not for the whole building? 

No - it would be for the freehold of the whole building.

But over 50% of the leaseholders have to take up the offer. So like I say, it would fail because your relative wouldn't take up the offer.

NatNat77 said:

I have no idea if the investor will still want to buy if they can only buy a share of the freehold. 

As I say, I suspect the investor wants the roof space for converting the 1 bed flat into a 2 bed flat.

Depending on local property prices, £20k might be a bargain price for the development potential for a second bedroom.

If that's the case, the investor probably wouldn't be interested in a Share of Freehold, as it would make everything much messier.

NameUnavailable

RiskAverse100 said:

This is quite correct.  However, the OP did not say that the relative lived in the upstairs flat, just that they owned it. 

Good point!