Section 5 Notices – What You Need To Know
If you are a landlord that is looking to sell your ground rent portfolio you will need to serve section 5 notices on your leaseholders before you call sell. This is normally done as soon as you receive an offer. The lessees must be given an the opportunity to buy the freehold on exactly the same terms that you have agreed to sell it for. The law changed many years ago and now means that there is a two month wait whilst the lessees decide whether or not they wish to buy the freehold. Most leaseholders will express an interest in their freehold and they have two months from the receipt of these notices to serve a counter notice on you confirming that they wish to proceed with the sale.
Correct Procedure For The Notices
It is essential that you follow the correct procedure if you don’t want to fall foul of the law. It is a criminal offence not to serve the notices so care must be taken to ensure they are correct. You should post them first class and MAKE SURE YOU GET A PROOF OF POSTAGE DOCKET FROM THE POST OFFICE CLERK. You must make sure you get the proof of postage as it is your only proof that they have been sent. If the leaseholders deny having received them you will be able to show evidence that they were sent. If you don’t get a receipt you will be on a sticky wicket and will have to do them ALL AGAIN!
Instructing A Lawyer Will Be Expensive
Ideally you should instruct a solicitor to do this for you but of course they will charge you. However, if we buy your ground rents for you we will serve the notices on your lessees FREE OF CHARGE! We are well versed with these documents and will serve them as soon as we agree a sale with you. If you would like to find out more information regarding these notices please visit the leasehold advisory service. It will have the answers to any questions that you may have. If you have ground rents to sell we would love to hear from you. Just send then details over to us and we will guarantee to make an offer within 24 hours.
Call us if you are a leaseholder and have received a section 5 notice. In most cases we can offer you a better deal that you are being offered. Call us for more information. In many cases we will offer you a cash reward if we buy your ground rents