Sale of portion of freehold

[animal]

We are all shareholders in the company that owns the freehold of our land which is leased to us. (Similar to RTE company).

We have just been asked if we will sell a small portion of the land to an ajacent freehold property. Am I correct that this must be a unanonmous decision as there is a lease to each individual shareholder on the land?

Regards

[jeffrey]

IF the land to be sold by freehold reversion company (F) to purchaser (P) is subject to leases (or easements), it CAN be sold subject to them. This does not affect the rights which bind it. F would take decisions by majority vote, unless its Articles provide otherwise.

However, if P wants vacant possession of the land, this would also necessitate EVERY benefitting party's individual surrender (of lease or erasements, so far as binding the sold land) by Deed in favour of F. A mortgagee secured on it (i.e. by mortgage which the benefitting party created) would need to release it from mortgage too.

[animal]

Thanks Jeffrey...

[jeffrey]

1. IF the land to be sold by freehold reversion company (F) to purchaser (P) is subject to leases (or easements), it CAN be sold subject to them. This does not affect the rights which bind it.

2. F would take decisions by majority vote, unless its Articles provide otherwise. This applies to its f/r only- not to individual leaseholds.

3. If P wants vacant possession of the land:
a., this would also necessitate EVERY benefitting party's individual surrender (of lease or easements, so far as binding the sold land) by Deed in favour of F;
b. a mortgagee secured on a lease of - say - a flat plus part of the sold land (i.e. by mortgage which the benefitting party created) would need to release the part of the sold land from mortgage too; and
c. the Deed of Surrender and Deed/Letter of Release would have to pre-date (or be on same day as) F's sale to P.