UK Apartment - Freehold

C

coppers

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Received a letter from our current management company which goes something like this.

"Following the liquidation of xxx properties who previously held the freehold title to xxx apartment block, the freehold title is now vested within the crown.

It is normal policy of the Crown to look to transfer the Freehold interest to a new flat management company which some or all of the leaseholders would participate, they would be happy to carry this transfer out at a cost of £500, plus a contribution of £500 towards legal costs. A Ltd company would also need to be set up at a cost of approx £400.

Could you please notify us within 14 days if you like to exercise your right to particiapte in a new flat management company at the above costs."

Anybody any idea what this means and what the implications of being or not being involved might be?
 
In the UK, flat owners (leasehold) have the option to buy out the freehold of a leasehold property.

This would be a good option as you as owners (all owners) could set up company, become directors and manage your own Management company.

This is preferable to letting the Crown hold the freehold, and is an advantage when coming to sell the property in the future.

However, take UK legal advice on this.
 
exercise this option asap. you will save ground rent , have control of your building for future ( no outside influence) it will be of benefit for resale if looked after properly .
 
Thanks for the replies, I'll get cracking on it.

Do the costs (£1400) look reasonable?
 
This is an Irish forum, so not aware of reasonable UK costs - need to look around, or speak to a Solicitor in the UK, whou could advise you.
 
We are in a similar situation in an apartment block, but in Ireland, the freehold is held by the Minister for Finance as the assets of a dissolved company vest in the State, We found this out through a third party, have not been contacted by anybody about it.
Anybody any idea what we should do about this or do we need to do anything.
 
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