Last updated: 23 July 2024
We are writing to inform you of an opportunity that has arisen for all of us as leaseholders within our development.
The landlord has extended an offer to sell the freehold titles of our development under Section 5 of the Landlord and Tenant Act 1987. This presents a rare and advantageous opportunity for us to collectively take control of our freehold titles at a competitive price.
The total cost to purchase the freehold titles is £197,505 (as per the offer letter from the current landlord). If all 154 leaseholders participate, the cost per leaseholder would be £1,282.50 (£197,505 divided by 154). Additionally, each leaseholder would need to contribute a few hundred pounds for legal fees.
Anyone considering this must seek independent legal advice before making a decision.