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I would like to know how the freehold purchase price of a…

I would like to know...
I would like to know how the freehold purchase price of a flat is determined within a common hold?
There are 9 flats in a freehold company we set up in Northwest London to manage the buildings back in 1996. I am owner of one of these flats and also the secretary of the freehold company.
At the time, one of the flat owners did not wish to participate in the purchase of freehold, and preferred to remain as tenant. That flat was sold a few years ago, and the new owner now wishes to purchase the freehold from us.
We need to establish the freehold price for his 2-bed flat (currently valued at £450k). How do we go about this?
I am aware each party needs to appoint a solicitor to act on their behalf, but who determines a fair freehold purchase price? Is it a third party like an estate agent? The flat in question has 103 years left of the lease.
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Answered in 3 days by:
10/29/2017
Property Lawyer
Property Lawyer, Property Solicitor
Category: UK Property Law
Satisfied Customers: 288
Experience: Solicitor
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Customer reply replied 8 months ago
please.

You need to contact a surveyor with suitable expertise to value the freehold and the share which the leaseholder is to purchase.

Do not ask an estate agent. You need a surveyor qualified and certified by RICS.

Property Lawyer
Property Lawyer, Property Solicitor
Category: UK Property Law
Satisfied Customers: 288
Experience: Solicitor
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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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