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Coppen Estates. . . .Sheffield

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Your solicitor could arrange:

a. Indemnity Insurance to protect you (but at V's expense); and

b. that V serve Notice of Claim on Coppen, seeking to buy the freehold reversion, but that V then merely assigns its benefit to you on completion. You could thereafter buy-out Coppen without having to wait the statutory two years in order to qualify for serving your own Notice.

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We tried to buy the lease from them back in 2004, they told us we had to use their solicitor at a cost of £500, they didnt reply to any more correspondence so we gave up. I found them very unhelpful.

Edited by woggle

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We tried to buy the lease from them back in 2004, they told us we had to use their solicitor at a cost of £500, they didnt reply to any more correspondence so we gave up. I found them very unhelpful.

1. No, you already owned the lease. You tried to buy the freehold reversion.

2. No, you didn't have to use Coppen's solicitor; BUT the Leasehold Reform Act 1967 makes you responsible- having served a Notice of Claim- for paying its solicitors' legal fees.

3. And no- Coppen has no obligation to reply to mere correspondence. That's why serving a Notice of Claim is the only real way to proceed.

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Hi

 

Does anyone have any experience of trying to buy a leasehold from Coppens via a solicitor before the two year statutory period has arisen. Are they normally Ok to do this or is waiting out the 2 year statutory period the way to go ?

 

Sarah

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Hi

 

Does anyone have any experience of trying to buy a leasehold** from Coppens via a solicitor before the two year statutory period has arisen. Are they normally Ok to do this or is waiting out the 2 year statutory period the way to go ?

** Er, you mean "...buy a freehold reversion.."; you already own the leasehold, don't you?

 

Yes, you could approach Coppen sooner than two years. However:

a. Coppen may well not reply to your letters; and

b. your negotiating position re price is very weak; because

c. only by serving a statutory Notice of Claim [LRA1] can you propel it into action; and that necessitates two years' leaseholdership, assuming that what you own is a house.

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Yes you are right, it is buying the freehold reversion and we do own the house. We are in no rush but had it on our radar to purchase at the 2 year point (next january) when we would be more likely to get a response. I was wondering if there was any mileage in trying now via a solicitor to purchase or whether just to wait until January. I am reluctant to spend on solicitors letters now if I'm unlikely to get a response.

 

My understanding of Coppens is that they are reasonably fair though slow - tell me if I'm wrong. What would you say was a reasonable time span these days to expect a transaction to go through if a notice is served.

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1. The Notice has, by law, to allow two months for a response.

2. Coppen rarely replies until right at the end of that period.

3. It does not deal, at that stage, with the purchase price.

4. From date of Notice to Completion often takes many months.

5. But one important factor is the unexpired term of your lease. How long is left on it?

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Its a couple of hundred years - I don't have the exact date with me.

 

How do they calculate the price - is it similar to values from calculators found online or do they have their own esoteric way of calculating. Should I expect to barter or are they pretty fair with their numbers ?

 

Thanks for the rapid replies by the way.

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Its a couple of hundred years** - I don't have the exact date with me.

 

How do they calculate the price - is it similar to values from calculators found online or do they have their own esoteric way of calculating. Should I expect to barter or are they pretty fair with their numbers ?

Approximation: assess value of f/r in terms of interest rates (medium/long-term).

So rates of 3 to 4 % would equate to a price of 33.33 to 25 times the annual rent.

PLUS you have to pay the vendor's legal fees and one valuation fee for vendor.

 

** If so, what's the rush? Wait for the two-year point, then serve the Notice.

 

Also refer to the Leasehold Advisory Service website at http://www.lease-advice.org/

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Thanks very much for that - I'll take the summer off and may contact you in your day job in the new year to take this further.

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Jeffery, I think mine has less than 70 years left - it is also with Coppen - is it the same process to request extension or purchasing freehold ? I currently pay £6 a year for my house and the house next door.

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You pay for the house next door?

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