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Buying Freehold

Covering Market, Trends, and Practical (but see LEMON-AID for Building & DIY)
anniesdad
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Buying Freehold

#442540

Postby anniesdad » September 15th, 2021, 4:16 pm

Hi,
I have tried but cant get half of leaseholders interested so we are unable to buy our Freehold through collective enfranchisement so I thought I'd buy it just on my own.

I have a value in mind but would really like to double check figures with more intelligent people. :lol:

12 residential flats on 99 years originally granted 1979. Ground rent is £30pa rising to £60 in 2039 until expiry in 2078.

But 5 leases have been extended, the other 7 have less than 60 years remaining.

Average value of these unextended flats is £110k, rising to £130k with extended lease.

Anyone able to estimate the value of purchasing this Freehold ?

Thank you

Hariseldon58
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Re: Buying Freehold

#445895

Postby Hariseldon58 » September 28th, 2021, 12:42 pm

Might I ask why you think the freeholder will sell to you ?

My daughter lived in a block of 14 flats and the freeholder decided to sell and had to offer it to the leaseholders, all bar my daughter and one other showed no interest in buying. I offered to buy it and the freeholder laughed !!!!!! he was selling it from his company to himself prior to liquidation of the company, he knew the price was very favourable and thats why he retained it and of ci=ourse he was not obliged to sell it to anyone other than all the tenants.

Given the possibility of reform to freehold laws regarding flats there is an element of risk.

The freeholder does have to do things and it can be complex ( and profitable)


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