Flat leasehold ending soon but landlord wants to sell

swingaloo

I dont understand the reluctance to move on. The property sounds dreadful so why would you want to stay at any rent. 

Would an option not be for yourself and the tenant of the other flat to join forces and find somewhere suitable to rent jointly with you both having your own space. If the other tenant has had a stroke and is now disabled why do they want to stay in a substandard property with damp, cold and stairs?

Skiddaw1

swingaloo said:

I dont understand the reluctance to move on. The property sounds dreadful so why would you want to stay at any rent. 

Well, presumably because both the OP and the other tenant have lived there for 20+ years and are paying a low rent. It's not going to be easy for either of them to find suitable alternative accommodation by the sound of it. Though I think your suggestion that they consider joining forces is a good one. 

EssexHebridean

I suspect it's because to both the OP and their neighbour, the property is home... 

AlphaCentauri

As stated earlier, back in the Spring, I applied for a Government Warm Homes grant, which was authorised.  Obviously, the scheme needed the landlord to sign the consent forms for the work to go ahead.  Clearly, at the time, the expectation was not that the landlord would seek to exploit this work for his own gain by seeking to sell the flat a few months after work was completed.  Would the landlord be liable for the costs of the work if I were forced to leave?

eddddy

AlphaCentauri said:

That's possible.  It may be a way to remain until the end of the lease.  Then, I can try to see what would happen with the freeholder, who presumably inherits the title.  It may be that as the long term tenant they'll give me first option on the property.

It's unlikely the the flat will revert to the freeholder - it's much more likely that the lease will be extended (by whoever buys the flats).

Using example numbers, let's say...

• The flat will be worth £160k with an extended lease

• The lease would cost £100k to extend

• So the flat likely to sell for £30k to £50k

So a buyer might pay £40k for the flat, £100k for a lease extension - and end up with a flat worth £160k (so a profit of £20k).

GDB2222

Emmia said:

born_again said:

eddddy said:

One possibility is that the landlord wants to offer you a chunk of money to persuade you to voluntarily move out, so that they can sell the flat empty.

(Or if you want, you could suggest to the landlord that you might voluntarily move out, if the landlord pays you 'compensation for the inconvenience'.)

Or could even be wanting to see if given the time they have lived there, that would they like to buy the property?

As it's a lease with 3 years left that'll be very expensive overall for the OP, as unless the lease is extended, the property reverts to the freeholder 

The price would have to reflect the very short lease.

Emmia

GDB2222 said:

Emmia said:

born_again said:

eddddy said:

One possibility is that the landlord wants to offer you a chunk of money to persuade you to voluntarily move out, so that they can sell the flat empty.

(Or if you want, you could suggest to the landlord that you might voluntarily move out, if the landlord pays you 'compensation for the inconvenience'.)

Or could even be wanting to see if given the time they have lived there, that would they like to buy the property?

As it's a lease with 3 years left that'll be very expensive overall for the OP, as unless the lease is extended, the property reverts to the freeholder 

The price would have to reflect the very short lease.

But the OP (unless they want to move out in 3 years and surrender the property) will need to extend the lease - that's the expensive bit.

GDB2222

Emmia said:

GDB2222 said:

Emmia said:

born_again said:

eddddy said:

One possibility is that the landlord wants to offer you a chunk of money to persuade you to voluntarily move out, so that they can sell the flat empty.

(Or if you want, you could suggest to the landlord that you might voluntarily move out, if the landlord pays you 'compensation for the inconvenience'.)

Or could even be wanting to see if given the time they have lived there, that would they like to buy the property?

As it's a lease with 3 years left that'll be very expensive overall for the OP, as unless the lease is extended, the property reverts to the freeholder 

The price would have to reflect the very short lease.

But the OP (unless they want to move out in 3 years and surrender the property) will need to extend the lease - that's the expensive bit.

Oh, I see what you’re saying. I’m not sure the op is in a position to buy a long lease, but if he were he would have to think whether he wants to buy the one he is living in currently.