Should we initiate collective enfranchisement or is it too late?

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A few months back the freeholder of our building wrote to all the leaseholders (via his solicitor) giving us ‘Section 5B’ Notice of his intention to sell the Freehold via auction with a deadline for the majority of qualifying leaseholders to make him an offer.

So the first thing we leaseholders did was make sure there was enough qualifying interest to purchase the freehold among us and conduct a full survey to get an idea of the value for the freehold.

We then responded with the full names and signatures of all the qualifying leaseholders of our acceptance of offer under the Landlord & Tenant Act 1987 Part 1 and requesting receipt of this notice and advising them of the solicitor who would be acting on our behalf for this matter.

They responded to this requesting an offer for which we duly replied.

Since them they have responded advising that they wish to continue to auction. Is this the normal process? We have made an offer and would negotiate, but this seems to have stopped us in our tracks. If we have first right of refusal then why would he want to proceed to auction? If someone does make an unrealistic offer at auction how can we contest this?

We are desperately seeking some additional guidance as to our rights and how to proceed. Should we initiate collective enfranchisement, or is it too late?

Many thanks

Mark

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