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an unknown buyer may tripple the ground rent
This isn’t possible, I don’t think?
The GR is fixed during the lease term and you have the right to extend the lease w/ peppercorn ground rent subject to various bits of lawyering.
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Is it @ReekBlefs who knows all about this?
Get super organised with all your info in order then try and speak to CAB.
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Well this is fun, just got a letter from the freeholder saying they've started a section 5a proposal to sell on the freehold. They've priced the freehold at ~60% the value of the flat meaning 1) it's too expensive to buy and 2) even if it we did buy it the flat may never rise in value enough to match the total cost before the heat death of the universe. So now we've got to worry about a service charge that's gone up 50% in 2 years for no apparent reason, a main boiler that we've been paying for maintenance on but turns out has been defective for 3 years, a whole new heating system being put in the building with roughly 4 more months left of work, and now an unknown buyer may tripple the ground rent and tank the value of the flat just as we want to sell it.
Get some legal advice on this whether the price is reasonable. I hesitate to offer my understanding as leasehold is a furiously complex business and a little knowledge can be a dangerous thing. However I understood that the Right To First Refusal (where the freeholder has to offer you the right to buy the freehold before offering it on the open market) has a bit of technical gubbins in there to stop Freeholders from offering you the freehold at a vast markup, then offering it on the free market at much less. If they've over-priced it, that may help you out.
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NickCJ
hugo7
ReekBlefs
@Sumo
Well this is fun, just got a letter from the freeholder saying they've started a section 5a proposal to sell on the freehold. They've priced the freehold at ~60% the value of the flat meaning 1) it's too expensive to buy and 2) even if it we did buy it the flat may never rise in value enough to match the total cost before the heat death of the universe. So now we've got to worry about a service charge that's gone up 50% in 2 years for no apparent reason, a main boiler that we've been paying for maintenance on but turns out has been defective for 3 years, a whole new heating system being put in the building with roughly 4 more months left of work, and now an unknown buyer may tripple the ground rent and tank the value of the flat just as we want to sell it.