I am the leaseholder of a flat in an old block which I let out. I have received a notice from the freeholder under Section 5 of the Landlord and Tenants act 1987 relating to the freehold interest in the building. I think he is offering to sell the freehold of the property for £200,000, this seems very low as it is a listed building of over 100 apartments. The offer states that it only needs to be accepted by a majority of lease holders to go through.
The principal terms of the proposed contract are:
1. the price
2. Each party to be responsible for their own legal costs
3. completion date to be 5 working days following exchange
I really don't understand how this might affect me, will I have to pay some of this £200,000? Will I still have the same asset but with a different Freeholder? Maybe someone has the text of this part of the act that I could read?
Any help greatly appreciated!
Regards,
Jamie |