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anyone know anything about buying the freehold to a property

(6 Posts)
supersalstrawberry Thu 06-Jan-11 13:55:08

Message withdrawn at poster's request.

supersalstrawberry Thu 06-Jan-11 13:55:30

Message withdrawn at poster's request.

supersalstrawberry Thu 06-Jan-11 14:03:02

Message withdrawn at poster's request.

StiffyByng Thu 06-Jan-11 23:56:36

I would strongly advise you to get representation and to be prepared for it to cost you more than £200. Otherwise you are likely to pay thousands more for the freehold than you should. You need a solicitor and surveyor. I assume you're doing this outside the legislation, on an informal basis?

The calculations are, as you've seen yourself, highly technical and depend on percentages and values that the valuer has set - although there is a formula, the values within that formula are subjective and a subject for argument/negotation between experts.

What would normally happen is that YOUR surveyor would carry out a valuation on your behalf and you would then send it to the freeholders as a legal notice (I'm simplifying the process here but it's all very straightforward to an experienced solicitor). They would then serve a counter-notice if they disagreed with that valuation, as they almost certainly will. It is then for the two surveyors to negotiate an agreed price, guided by your own wishes on, for example, the top price you're willing to pay. If there is no agreement to be found (which is quite rare) they take the whole thing to a Tribunal to decide, based on the evidence the surveyors put forward for their prices.

I can't imagine you could represent yourself in this unless the freehold will be fairly cheap, or you have remarkably amenable freeholders.

Sorry if this sounds gloomy, but I have done this twice now, and wouldn't dream of attempting to represent myself. I can't come close to understanding the calculations and the surveyor has never expected me to!

lalalonglegs Fri 07-Jan-11 16:47:16

I'd second that - my mother recently had the lease extended on her flat (not exactly the same as buying freehold but similar set of calculations): the freeholders wanted #17k, her surveyor was able to show the true value was about #11.5k, the freeholders conceded her surveyor was right rather than go to a LVT. Definitely worth getting professional representation.

StiffyByng Sat 08-Jan-11 10:54:18

If you want some (scary!) figures, we're paying £41K for our freehold (between two). The freeholder's initial offer was £56K. We offered £38K. Fees for our solicitor and surveyor are about £4K for each of us but would have been around £1.5K without the Tribunal
prep. First freehold I bought was a fraction of these costs though!

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