A freehold reversion sale involves the transfer of the ownership of a freehold interest in a property that is subject to leasehold interests. This is typically relevant in cases where a property owner (the freeholder) sells the right to receive ground rent and other associated income from leaseholders, as well as the future interest in the property once the leases expire. Our Property Development and Commercial Property solicitors and lawyers usually advise property owners on freehold reversion sales. The work involved in these types of transaction might include:
- Initial Consultation and Advice
- An initial consultation will enable us to understand your objectives.
- We provide legal advice on the implications of selling the freehold reversion, the impact on any remaining interests, and any statutory obligations that may apply.
- Due Diligence
- Tenant Rights: We assess the rights of the leaseholders, particularly in relation to the right of first refusal (RFR) under the Landlord and Tenant Act 1987, which may require the freeholder to offer the sale to the leaseholders first.
- Preparing Documentation
- Drafting the Contract for Sale: We prepare the contract for the sale of the freehold reversion, ensuring it accurately reflects the terms agreed upon by both parties.
- Notices and Legal Requirements: We draft and serve any necessary statutory notices, such as those required under the Landlord and Tenant Act 1987 (if applicable).
- Disclosure of Information: We ensure that all relevant information is disclosed to the buyer, including details about the leases, service charges, and any ongoing disputes.
- Negotiation and Agreement
- Negotiating Terms: We negotiate the terms of the contract and transfer.
- Completion
- Exchange of Contracts: Once all parties are satisfied, we manage the exchange of contracts, which legally binds the parties to complete the transaction.
- Transfer of Title: We prepare and oversee the execution of the transfer deed.
- Distribution of Funds: We handle the transfer of funds, ensuring that the freeholder receives the proceeds from the sale and that any outstanding mortgages or charges on the property are paid off.
- Post-Completion Matters
- Notification to Leaseholders: After the sale is completed, we may notify the leaseholders of the change in ownership and provide them with the new freeholder’s details.
CONTACT US
If you wish to discuss a case with us, please contact Julian De Giovanni on 01420 81281 or fill in the form below.
“Thorough on acquisitions and smooth on sales. Proactive and commercially astute. Not fazed by dealing with large London or regional firms. Good sense of humour and remains calm under pressure. Gets the job done time and time again.”
“…I particularly wish to thank you for all your hard work, advice and support throughout, which has been a significant factor in enabling us to get to goal. I know that you have often spent a lot of time on this matter after normal office hours to ensure progress of the sale was maintained – all very much appreciated.”
“We use Julian De Giovanni because we have found him adept at identifying problems early on and then either resolving them or advising us of our position. He always has in mind the importance to us of being able to sell on completed units quickly and cleanly once we have concluded a project. Julian puts in the extra effort that is required to get the job done. He is contactable, answers the phone and replies to messages. He meets and exceeds our expectations whilst remaining a pleasant person to deal with! I have had no hesitation in recommending him to others.”
