Covid-19 Bounce Back loans for property businesses16:06 PM, 5th May 2020
About 3 weeks ago 46
I wonder if someone selling the freehold interest have dealt with serving Section 5 to long leaseholders and to short leaseholders of commercial units in a mixed development.
Or know a commercial lawyer in West London can do it including the conveyancing of the property being sold.
Thank you, Sat
Editors Note: From The Leasehold Advisory Service >> https://www.lease-advice.org/advice-guide/right-first-refusal/
“Where a landlord is proposing to sell his interest in a building containing flats in relation to which the RFR exists, he must, by law, first offer it to the tenants before offering it on the open market. He must serve formal notices on the tenants telling them what he is intending and must provide time for them to consider the offer; he cannot sell to another party during that time, nor offer the interest to anyone else at a price less than that proposed to the tenants or on different terms. Breach of these legal obligations by the landlord is a criminal offence. If the landlord sells without providing the Right of First Refusal, the tenants can serve a notice on the new owner demanding details of the transaction, including the price paid; they can then take action to force the new owner to sell to them at the price he paid.
It is important to understand certain key principles of the RFR:
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