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Selling Freehold

(4 Posts)
ILoveGregoryHouse Mon 31-Dec-12 17:06:30

Hi. I owned two flats converted from one house leasehold and also own the freehold, which I bought from the previous owner of my flat.

I sold the flats leasehold 7 years ago and still own the freehold to the whole building- ie. the two flats.

I want to sell the freehold now and I know one of the two leaseholders wants to buy the freehold and I would be happy to sell it to him but I don't think he can afford to pay the fair value (he's stated that an amount of half what I believe it's worth would be too much). I do, however, need the capital so would like to sell it - is there an "open market" for me to do this if, following a formal offer of first refusal, the current leaseholders decline to buy? One lease has 115 years left and the other has 119 years.

Sorry if that's garbled but hope someone can help.

babybarrister Tue 01-Jan-13 10:19:38

I think you have to go through v formal process first under leasehold enfranchisement provisions - have a google. If the freehold has no benefits save for small ground rent then it doesnot really have a value and is more of a pain speaking from experience

LulaPalooza Thu 03-Jan-13 17:57:34

It is highly likely that you will need to give both leaseholders a "right of first refusal" i.e. you have to offer to sell it to them collectively, first.

This is helpful

Sorry for brief response, am running out the door.

Anifrangapani Thu 03-Jan-13 22:46:10

A surveyor will give you a market value and what is known as the marriage value (what it is worth to a specific person)

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