It appears you have been served with a notice under Section5B of the Landlord and Tenant Act 1987. It gives you, collectively with other qualifying tenants, a right to replace the successful bidder at an auction. The notice must be served between four and six months before the date of the auction. If the qualifying tenants wish to accept the offer the requisite majority must do so within the initial period specified in the notice. This is 51% of the flats which are held by qualifying tenants. Those accepting must nominate a purchaser. This could be a company that they form to take over ownership of the freehold.
The Right of First Refusal can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this area.
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