Buying the freehold on my block of flats

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We're a bit confused about it as a letter was only sent out to a few flats and not everyone receiving bit just doesn’t make sense to one of the directors. When he spoke to their office he was told by a woman it was just fir a few flats. He thinks - everyone should have got it as they all have a lease just less years etc, also other director says we have a head lease which is true. Shouldn't we still get a solicitor to check it all out?
 
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I suspect they are offering the longer lease holders a lower price than the shorter lease holders.

They don’t want you to exercise your right, as it would be very complex to partially dispose of the freehold on the same land.

They are making it as unattractive as they can so that you don’t collectively enfranchise them out.

Do you know what percentage for the freehold is being offered?

It’s better to register your interest, then if you have enough people. Force them out.

It is the lease holder who should reply. It is they who have the right. Having the block director write is fine for collective enfranchisement.
 
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Without naming the agent / company. They wouldn’t have an address in Southend on sea by any chance?
 
Sounds like the op is up against experienced players who know how to extract maximum return and know how to muddy the water to make it difficult to sort.
 
No he should not fear, their hands are fairly tied. So long as he gets enough leaseholders to proceed. Price, terms and timescales are not something they set. They can all be subject to independent scrutiny.

I suspect they were hoping to slip this one by without anyone biting
 
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motorbiking said:
I suspect they are offering the longer lease holders a lower price than the shorter lease holders.

They don’t want you to exercise your right, as it would be very complex to partially dispose of the freehold on the same land.

They are making it as unattractive as they can so that you don’t collectively enfranchise them out.

Do you know what percentage for the freehold is being offered?

It’s better to register your interest, then if you have enough people. Force them out.

It is the lease holder who should reply. It is they who have the right. Having the block director write is fine for collective enfranchisement.
Click to expand...
Not sure on the exact percentage of the freehold. Got an email and sent one asking if it was all four blocks and 22 flats but no reply. Hecsent one saying it was the whole building- what does that mean? One block . Was also told section 5 only refers to one block or part of block.


Got this from another forum-

The section 5 notice should apply to a single building (or part of a building) - so it sounds like that's a single building containing 5 flats.

So the £61,600 should relate to 5 flats in one building. Why do you think that's not the case?

£61,600 divided by 5 is £12,320 per flat - but if the leases are unequal lengths, those people with longer leases should be paying less than that, and those people with short leases should be paying more than that.
 
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The solicitor selling told me over the phone it's all 22 flats and all 4 blocks. Myself and this other director want to push forward with a meeting. Another director who is unofficially the head director doesn't seem to be pushing forward or showing much interest. He said he'd get his solicitor onto it. He often doesn't reply to texts. Can we crack on without him and get our own solicitor? He may be busy or not interested I'm not sure.

Can I be forced to resign as a director if there's conflict between him and myself?

-How should i write a letter to invite all the lease holders to the meeting?

- do we need a solicitor there?
- what info off the solicitor do we need?
- what else?

-
 
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Keitai said:
The solicitor selling told me over the phone it's all 22 flats and all 4 blocks. Myself and this other director want to push forward with a meeting. Another director who is unofficially the head director doesn't seem to be pushing forward or showing much interest. He said he'd get his solicitor onto it. He often doesn't reply to texts. Can we crack on without him and get our own solicitor? He may be busy or not interested I'm not sure.

Can I be forced to resign as a director if there's conflict between him and myself?

-How should i write a letter to invite all the lease holders to the meeting?

- do we need a solicitor there?
- what info off the solicitor do we need?
- what else?

-
Click to expand...

You write a letter to all those who pay maintenance etc.. as leaseholders etc and invite them to a meeting. No need for a solicitor.
You can work with a specialist company rather than a solicitors who may be lower cost and better at moving things forward.
You need to look at the LR for each block to see if they are separate freeholds or your leasehold agreement may specify this. Frankly you want your block and don't care about anyone else. the fewer people to coordinate the better.

Probably worth deleting your poorly redacted images.. it took me 30 seconds to see exactly who you are dealing with.

Have a look at his profile on linked in - you aren't dealing with a very experienced lawyer, despite his "head of legal" job title.

The advice from the other forum is good, yes you need to find a fair way to value the purchases of the lease. The Lower the years left the more value there is. As part of your purchase you could make a proposal to top everyone up to 125 years and charge perhaps 10 or 20% of the total cost per year gained. You need to be careful not to alienate buyers. If you don't get consensus then you hold the freehold separately and the resident owned freehold company can charge them at a time in the future.
 
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LR means land registry?
motorbiking said:
You write a letter to all those who pay maintenance etc.. as leaseholders etc and invite them to a meeting. No need for a solicitor.
You can work with a specialist company rather than a solicitors who may be lower cost and better at moving things forward.
You need to look at the LR for each block to see if they are separate freeholds or your leasehold agreement may specify this. Frankly you want your block and don't care about anyone else. the fewer people to coordinate the better.

Probably worth deleting your poorly redacted images.. it took me 30 seconds to see exactly who you are dealing with.

Have a look at his profile on linked in - you aren't dealing with a very experienced lawyer, despite his "head of legal" job title.

The advice from the other forum is good, yes you need to find a fair way to value the purchases of the lease. The Lower the years left the more value there is. As part of your purchase you could make a proposal to top everyone up to 125 years and charge perhaps 10 or 20% of the total cost per year gained. You need to be careful not to alienate buyers. If you don't get consensus then you hold the freehold separately and the resident owned freehold company can charge them at a time in the future.
Click to expand...
What kind of specialist company?
 
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