GroundRentsWanted - Elmdon Real Estate

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Why Should I sell my Ground Rents?
Frequently Asked Questions
Should I sell my Ground Rents to the leaseholders or you?

Section 5 - Frequently Asked Questions

Q. What is a Section 5 Notice?

A. When an owner of freehold ground rents wishes to dispose of their interest, they must first offer the right of first refusal to the leaseholders. This is in the form of a Section 5 Notice. As such if you own a leasehold flat you might receive them periodically when your freeholder wishes to dispose of their interest.

Q. What has to happen for me to receive £500?

A. We will pay £500 if the information you provide about a Section 5 notice you have received leads to us purchasing the freehold ground rents on the property, subject to the following criteria

  • It is submitted within two months of receipts
  • Elmdon was not previously aware of the transaction
  • Only one per person, household or freehold interest

Q. What happens if you purchase the freehold?

A. We will become your new landlords, and act in a responsible manner. We always appoint third party managing agents, and are happy for the leaseholders to take an active role in the running of the building.

Q. I am confused. Can I discuss this further prior to submitting any details?

A. Yes please give us a call on 0800 015 2500

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