Case Study
Buying the Freehold. Help for leaseholders (2)
16 Trebovir Road 5WS 9NH
The Challenge
To buy the block from the leaseholder 50% of all leaseholders have to club together to form a company, and give a section 13 claim notice effectively forcing the freeholder to sell them the property. The company needs a special constitution and the leaseholders a lot of help to understand all the procedures. Negotiations centred around weather the roof space was suitable for separate redevelopment as the freeholder sought a ransom premium on the roof space.
The freeholder attempted to raise questions over the validity of the section 13 claim notice which were defeated. The freeholder in our opinion made unreasonable demands for his costs which were successfully referred to the leasehold valuation tribunal saving £6,300. The freeholder also presented an owners contract for the freeholder conveyance attempting to release themselves from a number of liability or risk indemnity factors on transfer of the management. We saw this as an admission of inadequacy in the previous management arrangements and the block is now looked after by Ringley's property management team and after all these obstacles on their way to happy days.
The Solution
The company was helped to understand the different procedures, so that they could eventually successfully buy the house from the freeholder for £184,634.47. This was a saving of £365,365.53 against the Section 21 Notice that the Freeholder served. Costs were also originally negotiated down from £12,600 to just over £6,300 - saving £6,300.
Customer Response
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Buying the Freehold. Help for leaseholders (2)
16 Trebovir Road 5WS 9NH
The Challenge
To buy the block from the leaseholder 50% of all leaseholders have to club together to form a company, and give a section 13 claim notice effectively forcing the freeholder to sell them the property. The company needs a special constitution and the leaseholders a lot of help to understand all the procedures. Negotiations centred around weather the roof space was suitable for separate redevelopment as the freeholder sought a ransom premium on the roof space.
The freeholder attempted to raise questions over the validity of the section 13 claim notice which were defeated. The freeholder in our opinion made unreasonable demands for his costs which were successfully referred to the leasehold valuation tribunal saving £6,300. The freeholder also presented an owners contract for the freeholder conveyance attempting to release themselves from a number of liability or risk indemnity factors on transfer of the management. We saw this as an admission of inadequacy in the previous management arrangements and the block is now looked after by Ringley's property management team and after all these obstacles on their way to happy days.
The Solution
The company was helped to understand the different procedures, so that they could eventually successfully buy the house from the freeholder for £184,634.47. This was a saving of £365,365.53 against the Section 21 Notice that the Freeholder served. Costs were also originally negotiated down from £12,600 to just over £6,300 - saving £6,300.
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