Buying your freehold - Flat owners and the right to buy the freehold and right of first refusal
Right to buy the freehold:
Buying your freehold is subject to certain legal conditions being satisfied, flat owners have the legal right to but their freehold. If you are a flat owner we can advise both on whether the legal conditions have been met in your particular case and whether it is advisable for you to consider actually buying your freehold. Some flat owners want to do this to give them control over their building and at the same time give them the ability to extend their leases as and when they want to at the least possible cost. We will be happy to advise you on whether it is the best course of action for you and if so the procedure and costs involved. If you are the Freeholder we can advise whether the flat owners have the right to proceed and thereafter ensure your best interests are represented throughout the process and the best price obtained for the freehold.
Right of First Refusal:
This applies when your Freeholder is going to sell the freehold. It gives the flat owners the right of first refusal to buy the freehold in place of the intended purchaser. As a flat owner very often the first you will be aware is that you receive a Notice form the Freeholder telling you that they intend selling the freehold. We will be happy to advise you upon receipt of such a Notice what to do and the likely costs if you decide you wish to consider buying your freehold. If you are the Freeholder and are considering selling the freehold we can ensure you comply with all the relevant legislation and represent your best interests throughout the process. It is important you get it right as it is a criminal offence not to comply with the legislation.