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Freeholder wants to sell property - what to do?

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Author Topic: Freeholder wants to sell property - what to do?  (Read 110 times)

DexterFitBen

Newbie
Posts: 6

I like property
« on: April 05, 2022, 11:32:49 AM »
I just received a couple of letters that come as a bit of a shock. The Freeholder has just informed me through their solicitors that they intend to sell the freehold and as a legal requirement and are offering us "leasehold" tenants first refusal on the purchase. The property consists of about 20 units in a refurbished industrial building that was refurbed only 5 years ago. My property management company represents several leasehold owners like myself, but I couldn’t say how many. Some properties might be managed independently.

I am a newbie to property management, and this is quite concerning to me. I suspect the owners want to sell up as there has been some historical issues with the basement sewerage pump and occasional blockages and flooding.
So, I'm not sure what to do. They said this sale is already in progress. Even if I considered selling up myself, I’m not sure if I could whilst the building and land ownership sale is pending.

How concerned should I be? Do other people have similar experiences? Should I just sit and wait it out…what possible downsides are there if the sale goes forward to another large property management company who are, let’s say, less that reputable?

Any advice would be appreciated.

Dexter

Hippogriff

Global Moderator
Hero Member
Posts: 4451

Abuse Officer
« Reply #1 on: April 05, 2022, 11:48:45 AM »
Freeholds get sold all the time. They have to offer you first refusal... even if it's some big block of apartments, plus parking... and everyone knows that's unlikely to happen in real life.

It shouldn't really change anything in day-to-day terms. All Freeholders are less than reputable, right? Some are probably worse than others, but all they want is the money that is due them, defined in your Lease. They may introduce a new management company for a block, who knows? It (whatever "it" is) might get better.

It's also unlikely to be related to your basement, your pump or blockages... it's probably more likely related to macro-level reform in the space.

When I've received these types of letters (twice in my life) I did nothing.

DexterFitBen

Newbie
Posts: 6

I like property
« Reply #2 on: April 06, 2022, 04:58:15 AM »
Many thanks...that is rock solid advice and puts my mind at ease.
Dexter.
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