Contact Freehold Sale to provide us with the address of your property. If possible, tell us how many leases there are, the terms of each lease and the ground rent payable. Don’t worry if you can’t find all of this information as we may be able to obtain a copy of the leases.
We will carry out a market assessment to determine the value of your freehold ground rents. One of our freehold advisors will then contact you by telephone within 24-hours to provide you with a cash offer for your freehold ground rents. Our offer will also be confirmed to you in writing.
If you would like to proceed, we will arrange to serve the Section 5 Notices to the qualifying tenants on your behalf, saving you both time and legal costs. (As the freeholder, you are legally required to offer the right of first refusal to qualifying tenants – find out more below).
If you do not receive an acceptance from the required majority of qualifying tenants within the specified timeframe, we will instruct our solicitors to begin the legal process to acquire your freehold. On completion of the sale, you will receive your funds, in full via your solicitor.
With the endless responsibilities and difficult tasks that come with owning a freehold, it’s no wonder that many people choose to dispose of their freehold interest. From insuring the building and making sure ground rent and insurance premiums are paid, together with managing any maintenance contracts, it’s enough to give anyone a headache. You may also be in a position where you have inherited a freehold and do not want to deal with the ongoing management of it. Or perhaps you simply need to raise capital.
Whatever the reason, we are here to help, and it couldn’t be easier to sell your freehold ground rents with Freehold Sale. With our wealth of experience and highly knowledgeable team, we make the selling process simple by managing the entire transaction and offering expert advice and support throughout the sale. We’ve already helped many individuals and companies like you to dispose of their freehold interest and release their capital quickly.
We buy residential freehold ground rent portfolios of all sizes and with varying lease terms across England and Wales. These can be blocks of flats or converted houses containing flats but not freeholds for houses. If there are existing problems with the freehold, such as ground rent or building insurance arrears, maintenance issues or ongoing disputes, we’ll buy these problems together with your freehold interest.
We aim to complete the transaction within four to six weeks of receiving a contract from your solicitor. On completion, the funds will be sent to you via your solicitor. If your tenants qualify for the Right of First Refusal, you will be required to serve them with Section 5 Notices, which provides two months to accept the offer to purchase the freehold. We can provide this service on your behalf, for free.
In most cases, when you sell your freehold ground rents you have a legal obligation to offer any qualifying tenants the Right of First Refusal (ROFR). ROFR is offered by way of an official notice named Section 5 and is provided by Part 1 of the Landlord and Tenant Act 1987. Failure to serve the Section 5 Notice and comply with the legal requirements of the Act can result in a criminal conviction and a fine of up to £5000. You will also have to undo the sale transaction and bear all the costs for doing so.
To help you to fulfil your legal obligations when selling your freehold property, we offer a Section 5 Notice service, which is available to you at no cost. You can take advantage of our free Section 5 Notice service when you sell your freehold ground rents to us or even when you’re selling to another party.