Buying and selling your freehold – the Right of First Refusal
When a freeholder wants to sell (or dispose of) its freehold, it is obliged to offer the qualifying leaseholders of the flats comprising the freehold the opportunity to acquire the freehold. This is known as the right of first refusal and arises under section 5 of the Landlord and Tenant Act 1987.
At Brady Solicitors we are experts in all aspects of right of first refusal matters. We are experienced in advising on a variety of developments from a small residential block through to a large mixed-use development.
Brady Solicitors can assist by:
- Advising freeholders about whether the right arises and how to comply with it
- Assisting leaseholders who have received offer notices from a freeholder
- Advising freeholders and leaseholders on liabilities arising from previous freehold disposals
- Providing assistance and information to freeholders and leaseholders about rights and obligations generally under the legislation
The right of first refusal will not apply to the sale (or other disposal) of all freeholds and not all leaseholders will be eligible for an offer from the freeholder. However, as soon as a disposal is considered or known of, the parties should take careful legal advice to avoid non-compliance.
Friendly service, expert legal support
Brady Solicitors has the legal property management and high levels of customer service to help you navigate the right of first refusal when selling or buying your freehold.