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You need 50% to buy the freehold, right?
Do you think you can achieve that? 25 (or 29.5)? Lots of people simply can't afford it and others simply have no interest (arguably a vicious life circle, but that's another thread).
Anecdotally, in our last place, we were one of two leaseholders in a block of six (the rest Council tenants) and it was frustrating that a lot of things had to fall into place for us to buy the freehold and have some autonomy. We only needed one more willing household.
Not sure if the cost of the freehold purchase will increase, if planning is granted.
Ben689908-
yeah I believe we'd need 25. Which may be plausible given the new scenario - but I'm guessing likely cost prohibitive. There aren't many owner / occupiers in the block so appetite isn't huge unfortunately.
I just want a clear take on it so we can make a proper informed decision. If anyone recommends a solicitor that may be particularly good for this I'd be keen to know.
greeno
I know I need to speak to a solicitor on this, but wondering if anyone here has been through something similar regarding freehold purchase.
I live in a block of 50 flats (poorly maintained 1930's building). The freeholder has submitted a planning application to build 2 floors on top of the existing building for 9 new apartments. Will have a separate entrance and zero refurbishment planned for the current structure which is lined with asbestos.
I'm wondering as leaseholders if we can try and purchase the freehold to block this. Residents tried to buy the freehold some years back but only 15 flats out of the 50 wanted to do it.
Guess my question is, if the planning application is successful - will that increase the price we'd have to pay for the freehold? And grateful for any other general thoughts / advice on this if anyone has experienced similar.
Someone has spoken to a solicitor but I'm not getting a clear picture of what the results of that conversation were and hence I want to look into it myself. Apparently we'd have to do a survey to determine the cost of the freehold and they've been quoted 7k to do that and that's put them off.
Thanks in advance