9:37 AM, 2nd May 2023, About 7 months ago 12
Help! I desperately need to find a way to sell a flat with over a 900 year leasehold. The flat is in a small conversion of 7 flats . The other 6 are owned by a family who all have a share of the freehold.
Since I purchased the flat about 14 years ago, we have never had a sinking fund or management company in place.
I have continually asked for one to be in place but the family do not want one involved and prefer to just look after the block.
I do not pay ground rent or service charge.
I have tried to sell the flat a number of times but the lack of management company has stopped the sale from proceeding.
I have even tried a cash buying company that offered a ridiculous 35% lower than market value, in fact less than I originally bought it for, but the landlord has refused to fill out the LPE1 form which meant they also pulled out of the sale.
Certainly there must be a way I can sell a great 2 bed flat in central location of Leicester ideal for investment or first timers. The price would be approx £150k which is in the range of cash buyers. I would even consider auction and taking a hit on the asking/market price.
Please, can anyone help me find a way around the freeholders lack of cooperation?
Or any good legal advice.
I am concerned as I have another 10 years left on an interest only mortgage and do not want to be left with the debt.
There must be a way around this without losing tens of thousands of pounds simply due to filling out forms and lack of management company.
All suggestions greatly appreciated.
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