The Landlord and Tenant Act 1987, as amended by the Housing Act 1996 provides
“The Right of First Refusal”. This states, by law, that the freeholders must
offer the freehold to the leaseholder before offering it on the open market.
The freeholder must serve the leaseholders with a Section 5 notice and provide
time for them to consider the offer. The freeholder can not sell to another party
in that time, not offer the freehold for less than proposed in the notice.
Under the Leasehold Reform, Housing and Urban Development Act 1993 qualifying leaseholders are entitled to purchase the freehold as long as there are 50% or more qualifying tenants participating in the enfranchisement claim. The original lease must be in excess of 21 years. Read More...
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