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FAQs

Your questions answered

  • All
  • Collective Enfranchisement
  • FAQs
  • General
  • Ground Rent
  • Leases
  • Section 166 demand for ground rent
  • Section 20 Notice of major works
  • Section 3 Notice
  • Section 5 Right of First Refusal
  • Selling freehold ground rents
  • Valuing freehold ground rents
All
  • All
  • Collective Enfranchisement
  • FAQs
  • General
  • Ground Rent
  • Leases
  • Section 166 demand for ground rent
  • Section 20 Notice of major works
  • Section 3 Notice
  • Section 5 Right of First Refusal
  • Selling freehold ground rents
  • Valuing freehold ground rents
FAQsSection 5 Right of First Refusal

How quickly can you serve Section 5 notices to my tenants?

We can usually prepare and servce Section 5 Notices to your tenants within 24-hours, subject to having access to the leases and title information. For freeholds comprising of a large number of leases we may need more time to facilitate this service. Learn more about our Section 5 Notice service.

FAQsSelling freehold ground rents

How quickly can I dispose of my freehold interest?

This depends on how you choose to sell your freehold interest and any requirements to offer the Right of First Refusal to the leaseholders. The good news is that Freehold Sale specialise in helping our customers to dispose of their freehold quickly. We aim for the sale to complete within four to eight weeks of receiving the contract from your solicitor. For more information read: ‘How long does it take to sell a freehold?‘

FAQsSection 5 Right of First Refusal

Am I required to offer the Right of First Refusal?

You will need to offer the Right of First Refusal if your freehold property contains at least two flats, more than 50% of the flats are held by qualifying tenants and no more than 50% of the property is in non-residential use. Resident landlords are exempt. Learn more about the Right of First Refusal here.

FAQsSelling freehold ground rents

How long does the freehold selling process take?

The freehold selling process duration depends on how you choose to sell your freehold interest. If you have qualifying tenants, you may need to offer them the Right of First Refusal. This takes between two and four months depending on the selling avenue you have chosen. To find out more read: ‘How long does it take to sell a freehold?‘

FAQsSelling freehold ground rents

Do I have to appoint a solicitor to sell freehold ground rents?

In most cases, yes you will. Your solicitor will be authorised and regulated to handle monetary transactions and contract negotiation on your behalf.

FAQsSelling freehold ground rents

Will I have to pay tax when I sell my freehold interest?

Profit from the sale of such an asset is subject to tax. You should seek advice from a qualified person as to whether tax will be payable on your sale and how much this will amount to.