Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
I bought a Buy to Let flat in 1999 and since then there has been significant capital growth. Two years ago the lease holders bought a share of the freehold and I now have a 999 year lease.
A developer has expressed interest in buying the block from the freehold company, knocking it down and redeveloping it into many more flats with an adjacent building and grounds. If it goes ahead is it true that if the majority of the lease holders want to sell, then I have no right to say no and block the deal going through?
Am I in any position to force the developer to provide me with a similar size, two bed flat in a new block and, if so, would I then have to pay CGT?
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