There are a whole host of reasons why you might want to buy the freehold of your building, most obviously to get control and management of the block and service charges.Often this will involve a group of leaseholders.
Collective enfranchisement is when leaseholders club together to buy the freehold of a building. If more than half of the residents in a building want to buy the freehold, the freeholder has to sell to them.
Becoming the freeholder can put an end to landlords refusing or taking too long to carry out essential maintenance. If you own the freehold you also have control of service charges and ground rent.
Buying the freehold also means you can grant yourself a 999-year lease on your property at a nominal cost and make your flat more saleable if it is advertised as having a ‘share of freehold’.
We can help if your landlord won’t agree 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 go ahead 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.
We will always agree a price for our services with you in advance, so you can be confident you know what to expect.