Right Of First Refusal: Have You Had The Notice?22nd Aug 2014
Many leaseholders are familiar with the right to buy the freehold of their property – and our solicitors have helped many people in the Bournemouth and Poole area to take this step.
But leasehold property tenants may be less conversant with the right of first refusal – the obligation of landlords to offer them the freehold or head lease first if it is for sale.
And their first inkling may be when the landlord’s Offer Notice drops on to their doormat.
At Coles Miller, our specialist team of solicitors is carrying out more right of first refusal work for tenants as more landlords decide to sell their freehold or head leasehold interests.
Our solicitors are noting that much of the work relates to smaller blocks of flats or converted houses – potentially due to some landlords finding that the ground rent they receive is not worth the administrative burden.
It’s important to take expert legal advice if you have received an Offer Notice under right to first refusal – it’s a timely opportunity to buy the freehold or head leasehold interest to your flat.
And unlike the right to buy the freehold – in which the tenants start the action – right of first refusal is initiated by the landlord.
Leasehold tenants served with an Offer Notice will need to reach a consensus quickly.
Tenants need a majority of more than 50 per cent in favour to exercise the right – and the notice period can be as short as two months.
So it’s vital to have a highly experienced leasehold solicitor on board to help co-ordinate matters and help you to avoid any potential legal pitfalls.
For expert advice on the right of first refusal, right to buy your freehold and other aspects of residential leasehold property law, contact Coles Miller lawyer Anne Albritton, 01202 293226.