I am considering selling the freehold of a building with residential tenants. I have agreed terms and the price to sell the freehold to a company owned by the tenants. My solicitors have said that we must serve a section 5 notice on all the residents, but i dont see the point as i have already agreed to sell it to the residents nominated company. Is the section 5 notice procedure obligatory, even though the tenants will just reply accepting the terms and nominating the purchaser I have already agreed to sell the building to?
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