The Leasehold Knowledge Partnership has been contacted by the owners of 12 flats in a block of 24 in an unfashionable town in Northamptonshire. The flats have fallen in value to around £60,000.
They are in a converted bakery in an area of the town with anti-social issues and most of the owners are investors … or the bank, as five have been re-possessed.
A London-based freeholder/managing agent scooped up the freehold at auction in March 2012.
He served a section 20 for general refurbishment in March this year. The consultation ends on October 20.
Two weeks ago the leasehold owners got their first indication of costs for the project: £950,000.
This has set off a chorus of squawks and calls to LKP.
There was a meeting earlier this week, but the freeholder did not bring along his costings. He forgot.
One leasehold owner, who owns two flats, has been appointed caretaker by the freeholder on £450 a month (presumably paid for by his neighbours).
The leasehold owners are desperately looking at buying the freehold, right to manage etc.
The council only signed this building off five years ago. (The original developer is, inevitably, bankrupt.)
What can the leasehold owners do?