If you’re looking into selling the freehold of a property that contains flats, you need to know about the Right of First Refusal (ROFR).
The ROFR falls under Section 5 of the Landlord and Tenant Act 1987, as amended by the Housing Act 1996, that requires you by law to offer the freehold to the qualifying leaseholders before disposing of the property. If you fail to comply, when required, you will be breaking the law and can, therefore, face a criminal conviction and a hefty fine.
If you’re not familiar with this legal obligation and are thinking about selling your freehold, our Right of First Refusal guide is a must-read. This comprehensive guide, which has been developed by experts here at Freehold Sale, explains everything you need to know before you sell your freehold. You’ll discover answers to the following frequently asked questions:
- What is the Right of First Refusal?
- What properties qualify?
- Who are qualifying tenants?
- What happens if you don’t offer ROFR?
- What processes are involved?
- What is a Section 5A Notice?
- What happens if the 5A offer is accepted?
- When to seek legal advice
- What happens if the 5A offer is not accepted?
- What is a Section 5B Notice?
Take a look at our comprehensive guide to get all the information you need to sell your freehold legally:
If your freehold property qualifies for the Right of First Refusal and you need assistance with serving the Section 5 Notices, we offer a fast and professional service which many freeholders can take advantage of at no cost. Freehold Sale has decades of experience in preparing and serving notices to leaseholders, so we can guarantee that your sale will get started without a hitch.