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The sale of freehold reversions

PART 9

SEPTEMBER 2008

THE SALE OF FREEHOLD REVERSIONS

31.3.91 W H Breading & Son Limited 

W H Breading & Son Limited offer a national service to handle the disposal of freehold reversions on behalf of the official receiver. They have acted in this capacity for several official receivers’ offices. See paragraph 31.3.62 for an explanation of the term “freehold reversion”.

 

31.3.92 The services provided

The services W H Breading provide include:

  • Checking the payment of ground rents and, where appropriate issuing invoices to recover amounts due.
  • Arranging sufficient insurance cover where required with the Willis Insolvency Open Cover Insurance Facility.
  • Determining a value for the freehold and issuing formal notices to leaseholders in accordance with the provisions of the LTA87.
  • Where the leaseholders do not wish to purchase the freehold, negotiating the sale of the freehold to one of a number of specialist investment companies.
  • Instructing TLT solicitors in Bristol in the conveyance. (See Chapter 33, Part 7 for more information.)
  • Dealing with all enquiries from leaseholders, tenants, managing agents, purchasers and solicitors.

 

31.3.93 Documents required by W H Breading & Son Limited

Upon instruction, W H Breading & Son Limited require Office Copy Entries for the property together, if possible, with a copy of at least one of the leases.

 

31.3.94 Current fees

Fees for contacting leaseholders and dealing with all aspects of the sale are £250 plus VAT for up to 4 leaseholds and £500 plus VAT for 5 to 8 leaseholds. Properties with more than 9 leaseholds are subject to an individual quote. Additionally a fee of 15% plus VAT is charged on ground rents, fees and insurance premiums collected.

 

31.3.95 Contacting W H Breading & Son Limited 

More information is available from W H Breading & Son Limited, P O Box 93, Whitstable, Kent, CT5 3GH Telephone 01227 780022 Fax 01227 452297. The company can also be contacted by email at wh.breading@btconnect.com

 

[On to Annex 1] [Back to Part 8 – Insolvency of a Registered Social Landlord]