Collective Enfranchisement for Leaseholders - Freehold Purchase Solicitors London
There are a whole host of reasons why you might want to buy the freehold of your building, most obviously to get control of the management of the block and to extend the owners’ leases. Often this will process would involve a group of leaseholders.
What is collective enfranchisement?
Collective enfranchisement is the legal means by which a group of individuals who own flats or apartments, club together to buy the freehold of their building. If more than half of the residents in a building want to buy the freehold, the freeholder has to sell to them.
Why should you purchase a freehold?
A freehold purchase gives residents more control over managing and maintaining their own building, with their best interests in mind. Once you buy the freehold, you should have control of the building’s service charge budget.
Buying the freehold means you can grant yourself a 999-year lease on your flat at a nominal cost. Your flat will be more saleable if it is advertised as having a ‘share of freehold’.
Who qualifies as a tenant able to purchase a freehold?
A qualifying tenant is an individual who has a flat under a long lease. This is one that was granted for more than 21 years, the individual must not own three or more properties in the building.
How long does the process take?
The time it takes to complete the process can vary, however, it usually takes around 8 months. The Initial Notice can be withdrawn within certain time limits, if this happens then another claim cannot be made for a further year. To avoid withdrawal and having to wait a further 12 months, expert freehold solicitors are recommended to provide advice.
Experienced freehold purchase solicitors in London and the rest of the UK
We can help if your landlord won’t agree on a price for the freehold, or if he serves notice that he intends to sell it at too high a price or at auction. We can also help you if your landlord is missing or deceased.
Even where there is full agreement, using one of our solicitors ensures all procedures are followed properly. This is essential to make sure you don’t incur unnecessary costs or delays.
Take a look at all of our leasehold services. We will always agree on a price for our services with you in advance, so you can be confident you know what to expect. Contact us to speak to a member of our team about collective enfranchisement.