Freeholders blocking sale of my flat?

Freeholders blocking sale of my flat?

9:37 AM, 2nd May 2023, About 10 months ago 12

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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.

Stephen


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Comments

SK

13:44 PM, 8th May 2023, About 10 months ago

That's what I keep telling myself. I wish I had been advised. The solicitor that dealt with looks like they have closed. I googled them yesterday. Closed in 2016.

Puzzler

13:54 PM, 8th May 2023, About 10 months ago

Your best bet is to approach the solicitor you are using for the sale and make sure they understand the problem. They will advise you on the content of the lease. There is no way to avoid the cost of doing that but if part of the conveyancing it will be worth it.

The form itself is not mandatory I believe

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