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However if some of the owners can't make that investment, someone still has to pay for their share (of freehold ). You could build-up a group of residents willing to buy out all the shares?
The bit I would want to investigate wrt to this is whether the freeholder can somehow split the future units / development potential from the existing flats before granting enfranchisement. It does not help OP if residents buy shares of freehold relating to their own flats but the original freeholder still owns the loft space.
NickCJ-
I would be suprised if this was possible. A freehold resting on another freehold ? Owning a freehold means the enveloppe and footprint of one building.
In my mind it would rather mean that someone owns multiple shares of freehold in the building ( the newer upper flats ). If a collective buy-out of the freehold occurs before extension, then all freehold sharers would be entilted to ask for a compensation for the gain the investor makes by developping the upper floors. -
The bit I would want to investigate wrt to this is whether the freeholder can somehow split the future units / development potential from the existing flats before granting enfranchisement.
They could, by granting a long lease of the airspace above the building in which the development will be carried out. It's pretty common, although there may be LTA87 right of first refusal issues for the freeholder if they try to do that.
Glws
Brommers
About the right to buy the freehold, you don't need all flats to be committing. However if some of the owners can't make that investment, someone still has to pay for their share (of freehold ). You could build-up a group of residents willing to buy out all the shares ?
Effectively you'd become a freeholder :)