MLM Property were asked to assist the leaseholders in their need to take control of the management and ownership of Ivor Court and help to transform it to its former status in St Johns Wood as a premier block, sadly lacking over the last 30 years.
The previous owners were professional landlords who took a different view of the building than most of the residents. The building needed significant works and to do this the leaseholders felt that they needed to own the building to push these works through.
MLM Property Management guided the residents to secure the freehold purchase by doing the following creating a very successful outcome:
- Worked to get the necessary required support from leaseholders. Over 100 leaseholders out of 153 supported the process.
- Provided the steering between the residents group and the lawyers acting for the group in the process.
- Assisted to set up the holding company and formulate the articles of the company together with a complex share ownership, given that the Freehold Company retained income producing element of the building.
- Organising the valuation of the Freehold interest and negotiating same with the freeholder to ensure that the income from the roof was retained by the freeholder and the retail units to the ground floor were sold on a long lease making the enfranchisement affordable for the leaseholders of the block.
- Took the participating leaseholders though the participation agreement process and finally on to completion of the freehold.
- Organising with lawyers in rewriting the 999 share of freehold leases.
Encouraging new owners to join the enfranchised process.