Mary-Anne Bowring 02/09/2020
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What happens if you cannot trace your freeholder and you want to extend your lease or buy your freehold? You can still do so by the vesting order process. This involves an application to the County Court detailing the steps taken to locate the freeholder. The County Court will then transfer the matter to the Leasehold Valuation planetrent.co.uk/blog/could-a-tax-tribunal-ruling-mean-btl-investors-avoid-3-stamp-duty-surcharge'>Tribunal ("LVT") to determine the price to be paid.
This approach can also be used where you have a silent or stubborn freeholder who refuses to respond to a claim notice. In such a situation a vesting order application can be made. The Court can determine that the freeholder loses their right to challenge the price (by submitting their surveyor's valuation). This means that the Court can order that the price be set at that in the claim notice! The freeholder can also be prevented from claiming back their costs from the leaseholder!
Any questions relating to the absentee freeholder or vesting order process, please let us know.
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