Right to First Refusal is where qualifying tenants have the right to first refusal to buy their freehold from their landlord where the landlord has expressed an intention to dispose of their interest in the building.
What it means for you?
By law, if you are a qualifying tenant, your landlord must serve a formal notice giving you the option to buy before another buyer is found. They are also required to give you a reasonable timeframe to consider the option.
During this period the landlord cannot sell or make an offer to another party for less or on different terms to the offer made to the qualifying tenants.
If the right to first refusal has not been offered, then the tenants have the right to demand details of the transaction from the new owner and take action to force them to sell to them at the price paid.
Want to know more?
If you have received a formal notice and want to know more about your options, we suggest you contact your solicitor who will take you through the process.