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DColley
Posts: 6 Forumite
Hi all,
I have a LH flat in a block of 3 flats. The FH is owned by the other 2 flats, (original owner of the building and another owner - not present at the property)
The owners of FH have an agreement that when I buy my share, the funds only go to the original owner of the building.
8 years! ago we agreed with the original owner to buy the FH, but we still can't get the other party to sign the forms... I know we should have the right to buy our share of FH, but how do we actually get them to sign?
In the meantime we need to extend our lease term - but we're blocked because the sale of FH is in process...
We have been calling and texting - and they've stopped responding or taking our calls. We even sent them a thank-you hamper in anticipation of them signing the form. I would camp out on their doorstep, but that's an 800 mile round trip...
Any suggestions would be appreciated.
Many thanks,
Derek
I have a LH flat in a block of 3 flats. The FH is owned by the other 2 flats, (original owner of the building and another owner - not present at the property)
The owners of FH have an agreement that when I buy my share, the funds only go to the original owner of the building.
8 years! ago we agreed with the original owner to buy the FH, but we still can't get the other party to sign the forms... I know we should have the right to buy our share of FH, but how do we actually get them to sign?
In the meantime we need to extend our lease term - but we're blocked because the sale of FH is in process...
We have been calling and texting - and they've stopped responding or taking our calls. We even sent them a thank-you hamper in anticipation of them signing the form. I would camp out on their doorstep, but that's an 800 mile round trip...
Any suggestions would be appreciated.
Many thanks,
Derek
0
Comments
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Why do you think you have a right to buy freehold?I am not a cat (But my friend is)0
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Because we have agreement from the original freeholder... he's already signed the document.0
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But if you only have the agreement if one of the two freeholders, you have no agreement.
I asume you mean the FH. My understanding is that you already own the LH?8 years! ago we agreed with the original owner to buy the LH,0 -
Thanks for pointing out the typo - I've corrected the original post.
But, the 2nd share-of-freehold already own their 1/3 portion, they don't own the portion we're trying to buy.
I guess we're just at their mercy...? No legal means to force the process to a conclusion.0 -
how much are you offering to pay this other freeholder for his agreement to sell? maybe offer more?0
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Is the price you should pay for the 1/3rd of the freehold fixed?
Why can't you proceed with a statutory lease extension? That will add to the value of your lease and cannot be avoided by the freeholder.0 -
Even if a freehold is owned as tenants in common and you want to buy all or part of one of the owners shares you would still need all owners to sign the transfer deed.
There is a remedy of specific performance, whereby the court can order him to sign the document. You’d probably want to have an agreement in place with the other freeholders as well.
Another issue is that unless the agreement you made 8 years ago was made as a deed you may be out of time to enforce. You can only enforce on a breach of a standard contract for a period of 6 years from the breach.0 -
I guess we were really naive and we didn't know/realise they were crucial to the process. At first they were told they had to cover legal expenses (without getting any of the sale price), but we got over that by assuring them they would not have to pay anything.TrickyDicky101 wrote: »how much are you offering to pay this other freeholder for his agreement to sell? maybe offer more?0
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Yes, the price is only for our 1/3 of the freehold.
The lawyer for the original freeholder told us she didn't want to do the lease extension - which we would have to pay market value for - when the share FH was so close to completion.Is the price you should pay for the 1/3rd of the freehold fixed?
Why can't you proceed with a statutory lease extension? That will add to the value of your lease and cannot be avoided by the freeholder.0 -
I doubt this very much.
But, the 2nd share-of-freehold already own their 1/3 portion, they don't own the portion we're trying to buy.
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It is very unlikely ther freehold for the building is split into 3. That would make the property virtually unmorgeagable as well as a nightmare to manage.
More likely it is a single freehold Title currently jointly owned by 2 people in shares of 1/3 & 2/3rds each.
Thu both current freeholders ould have to agree any sale. If you purchased then the single freehold would become jointly owned by all 3 of you. Assuming the current 2/3rds owner kept your purchase price, then you'd each own 1/3rd of he freehold. You would NOT each own separate freeholds.0
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