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Listen "Leasehold: Understanding Section 5s"
Episode Synopsis
The Leasehold and Freehold Reform Act 2024 has brought challenges to the property market, and there’s certainly a lot to consider for both freeholders and leaseholders, but in this episode, we’re looking at existing legislation and the current trend for freehold disposals.
We’re joined by Mark Chick, Senior Partner at Bishop & Sewell, and Chris Macartney, Head of the Landlord and Tenant Team. Together, they take a deep dive into this complex topic that affects anyone with an interest in disposing of or acquiring a freehold interest.
Mark and Chris kick off the discussion by unpacking the nuances of the “curiously drafted” Landlord and Tenant Act 1987.
They provide a detailed overview of Section 5 of the ‘87 Act, shedding light on the Right of Frist Refusal, the ambiguities, and what Section 5s mean for both freeholders and leaseholders.
Throughout this episode, you’ll gain an understanding of the rights and obligations of all parties involved. Mark and Chris also share real-life examples illustrating how selling property interests works in practice.
They cover essential topics such as procedures, timelines, and possible outcomes.
So, if you’re keen to stay informed and prepared as these changes roll out, tune into this episode.
Chapter Markers:
(00:48) Understanding the complexity of the Landlord and Tenant Act 1987 and a glimpse into the Leasehold Reform Act 2024
(03:21) Clarifying the rights and obligations of landlords and leaseholders under Section 5
(04:27) Real-life scenarios and challenges when selling property interests
(08:06) The procedure and timelines for selling property interests under Section 5A (sale by contract)
(11:31) The procedure for selling property interests under Section 5B (sale by auction)
(13:04) The importance of collective action among leaseholders in responding to property purchase offers
(15:00) The distinctions in property laws and regulations related to different types of properties
(16:40) Exploring possible outcomes in case the freeholder rejects the notice
(19:24) Tips for navigating the current landscape of property transactions between freeholders and leaseholders
(22:41) Comparing the costs and the process of the 1987 Act to the 1993 Act
Useful Links:
Leasehold And Freehold Reform Act 2024
Mark Chick LinkedIn
Chris Macartney LinkedIn
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