What happens if any of the participating residents wish to withdraw after the initial notice has been served on the freeholder to purchase the freehold?
The withdrawal of an individual participating resident does not affect the acquisition and the initial notice will continue to be valid. The remaining participating residents will continue to be liable for all costs incurred in connection with the acquisition. It is therefore advisable that the participation agreement sets out the terms on which participating residents agree to conduct the acquisition of the freehold.
