Section 5 Notices
If you are selling your freehold, chances are you will need to serve section 5 notices on your lessees before you can complete the sale to a buyer. You have to give them two months notice in writing and in the correct format. +We recommend your solicitor serves them on your behalf.
It is possible to have your buyers serve the notices on your behalf but this very much depends on what you are selling. A section v notice is a legal document and care should be taken in it’s preparation and service.
Serving Section 5 Notices On Your Leaseholders
The right of first refusal link below will take you to a whole section that will tell you everything you need to know about these notices. They are not complicated documents but need to be served correctly and ideally you need to provide proof of service of the notices on your lessees.
When you are posting your notices to the leaseholders make sure you get the post office clerk to give you a receipt for proof of postage. You must get this so that there can be no question that they were sent by you to the leaseholder.
Section 5 Notice Leaseholders Have Two Months Notice
If the leases have already been drawn up and the flats have been sold there is nothing you can do to change the terms of the leases so care should be taken before having them drawn up. Many solicitors will have a standard format for drawing up leases that do landlords no favours at all.
For example they will draw up leases for 999 years and with no ground rent increases. Some leases are also drawn up with a peppercorn ground rent which renders the ground rents worthless. No investor is going to buy a peppercorn ground rent with a lease of 999 years.
GROUND RENTS FOR SALE LTD
We are the UK's leading ground rent broker as such we are always looking for new ground rent properties to sell to waiting buyers. We have hundreds of ground rent buyers and always get the highest prices.
Get in touch with us for a free market appraisal, help and advice or use our ground rent valuation form for a value on your own ground rents.
Assuring you of our best attention at all times.
GROUND RENTS FOR SALE LTD
We are the UK's leading ground rent broker as such we are always looking for new ground rent properties to sell to waiting buyers. We have hundreds of ground rent buyers and always get the highest prices.
Get in touch with us for a free market appraisal, help and advice or use our ground rent valuation form for a value on your own ground rents.
Assuring you of our best attention at all times.