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They've set it at 240k or the sum of the ground rents x 24, whichever is lower. I think there's 55 flats so I think they've worked them out to be the same £. No idea why it's 24 x the ground rent.
Sumo-
So depending on how many leaseholders you can get involved it could be a fairly reasonable sum each. Expect it to take a long time to get ducks in a row and paperwork settled.
Your lease doesn’t change at all if there’s a new freeholder.
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If that 240k is per flat it’s insanely high, if it’s across all flats in the block it’s a bargain. The value of the freehold is usually based on the net present value of the future cash flows from the ground rents across the block. If you look at your lease you can get an idea of what that might be for your flat at least, then multiply by the number of flats. You need to take into account any ratchets towards the end of the lease term.
grams
Sharkstar
Isn't there legislation to force freeholders to sell to residents at an affordable rate?