I need some advice please.
I own a flat in a converted building on a leasehold basis. I extended my lease last year by purchasing the additional statutory 90 years, so my lease now is for 162 years remaining.
The other 4 flat owners are also leaseholders. One of the 4 extended their lease a couple of years ago and the other 3 have something like 72 years remaining on their lease.
I am very seriously thinking of contacting all my fellow leaseholders (as a joint email) to propose that we jointly buy the freehold of the building. The freehold is currently owned by an individual - none of us has any issues with him, he is a very nice man, the building is well maintained and the service charges are very reasonable. The reason why I am interested in buying the freehold together with my neighbours is because I think it would add value to our flats and I would be able to have my say on what's going on in the building (such as repairs, maintenance etc).
Please can someone explain how this works? I am aware about setting up a limited company to hold the freehold and into which each leaseholder would have a share in the capital and own a lease for 999 years from that company, however, what I would like to know is the following:-
1. How should I approach the 3 leaseholders who have not extended their lease yet and convince them to buy the freehold rather than extend their lease?
2. How should I approach the leaseholder who extended his lease 2 years ago to convince him to buy a share of the freehold?
3. My flat and the flat with an extended lease now have some 162 years remaining on the lease. Would our share in the price of buying the freehold be lower than the 3 other flats given that we have a much longer lease than the other 3? How does this work?
4. How many leaseholders (out of 5) do we need to be willing to buy the freehold jointly and thus force the freeholder to sell? I believe there is a minimum number, what is it?
5. I believe we would have to serve notice on the freeholder, how does that work?
Many thanks for your help!