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Now you have established that
you have received either a Section 5a
or a Section 5b, what next?


What are the benefits of a Section 5?

 Buying your freehold in this way is often significantly cheaper than when initiated by the leaseholders of the building! You will pay only the premium as offered (which in our experience can mean a significant discount), plus any costs the freeholder specifies in their Notice.

If you successfully purchase the freehold of your building, you will get rid of your freeholder once and for all and you will have FULL control over the value of your property.

There is increasingly evidence that a flat with a share of freehold could be worth between 2-4%This means that you and your neighbours will take control of the ownership and running of your building, inevitably also saving you a considerable amount of money every month. You and your neighbours will transition from long-term leasehold ‘renters’ to actual freehold property owners.

WARNING!

The Right of First Refusal can be a rather daunting process – particularly if you don’t know your neighbours well or if many of the flats in your building are rented – and there are very tight legal timeframes to be aware of.

If you would like to know more about the process and deadlines involved and how best to manage group action, please click here.

Learn the benefits of a Section 5 Notice


Our videos have been designed to help you gain an overview and better understanding of the Right of First Refusal but it is important to remember that they are for information only.
It is vital that you seek valuation and legal advice for your specific circumstances.

Now you have established that you have received either a Section 5a or a Section 5b, what next?

View our video guides to understanding Section 5 Notices