Why is the Right of first refusal necessary?
This is a right provided by the Landlord and Tenant Act 1987 to ensure qualifying tenants are given first opportunity to acquire their freehold reversion before it can be offered on the open market.
Where a landlord fails to comply with the rights of first refusal, they can face serious consequences including criminal liability and a hefty fine upon conviction. The Right of first refusal also helps the landlord as it's an easier way of selling because the buyer does not need to be located.
In addition to this, the leaseholders have a number of rights available to them such as the right to obtain information and the right of qualifying tenants to compel resale. If you are a leaseholder who believes that you have not been granted you rights of first refusal, or are unsure as to your eligibility, please call us on 020 8771 5254 and we can advise as to your position and any potential recourse.
We can help
Whether you are a landlord who is contemplating disposing of your freehold interest, or a leaseholder who has been served with any section 5 notice under the Landlord and Tenant Act 1987, we are here to offer our expert advice. Do not hesitate to contact the team on 020 8771 5254 to talk to one of our experts in right of first refusal.