“The Lessees HAVE elected to exercise their rights of pre-emption“

[WhatAWasteOfOranges]

What does this mean in a practical sense? Who is selling this if not a leaseholder? Why is the value SO low (though do understand it’s a auction start price) houses on this road are worth 1m+ Never seen this before and Google isn’t helping me

The Lessees HAVE elected to exercise their rights of pre-emption

www.rightmove.co.uk/properties/117547940#/?channel=RES_BUY

I thought that meant that the leaseholders have acted on their rights to buy the freehold from the freeholder. But the next line 'The Freeholder has the right to manage and insure the building' implies differently.

Call the EA and ask. From the price I would imagine you might be buying the freehold of the building rather than the actually property. But it is very unclear.

It says it's the freehold that is being sold.

They’re only selling the freehold. This would entitles you to collect ground rent ie an annuity. You’re not buying a flat as such.

I’m not an expert in leasehold pre-emption but I think it means that the leaseholders have exercised their right of first refusal to buy the freehold. Whether it needs to be openly marketed for the ROFR, I’m not sure (so not 100% sure why it’s on Rightmove).