Right of First Refusal
If your landlord is selling the Freehold you as Tenants of the flats have the legal right of first refusal enabling you to purchase the Landlord’s interest in the property when he decides to dispose of it. The landlord must offer the property to the tenants and is prohibited from selling it to anybody else at a more favourable price. Failure to do so can result is a fine upon conviction. There are different procedures depending on whether the Landlord sells by auction or notice. Specific procedures and timescales need to be adhered to so that the right is not forfeited.
We have just completed the purchase of the freehold of another block of flats under this right and can advise you of the correct procedure to obtain your freehold. Post purchase we can extend you leases at a greatly reduced price.
In the first place please contact me using our online enquiry form or call on 0208 789 2556 or 07851306136.