Buying The Freehold Of Your Flat
It is important to know that you cannot purchase the freehold of a flat on your own. To purchase the freehold of your flat, you must do so with other flat owners within your block, this known as a collective enfranchisement.
There are many qualifying factors involved in purchasing the freehold as a collective, the process is very complex and should only be attempted by a professional that fully understands the process. Before we do anything else, we’ll talk you through the process and offer free initial advice on what the best course of action might be, depending on your particular situation.
Establishing Your Rights
At this stage we’ll look through your lease to ensure that you have the rights to purchase the freehold. If you don’t have a copy of your lease then don’t worry, we will locate a copy of the lease from Land Registry. We will also need to do this for the other flat owners within the block, to ensure you all have legal rights, as a collective.
Once we’ve established the best way to proceed, we’ll draw up terms of engagement so we’re able to act on your behalf. This is important as it allows us to contact the freeholder and any other party we might need to speak to without having to bother you. It saves you a lot of stress and complication.
Calculating The Premium
The next stage is working out the likely costs involved. As this will involve multiple flats, naturally, there will be multiple valuations which can be complex, time consuming and contain many variable factors. We will calculate what we feel to be the likely cost (valuation range). Again, this is all on us.
Serving the Notice
Once we’ve established the value of your property and have estimated an accurate and appropriate valuation (premium), we’ll contact the freeholder on your behalf.
At this stage we prepare and issue a Collective Enfranchisement Notice under the Leasehold Reform, Housing and Urban Development Act 1993.
We will make an initial offer to the freeholder, however, as the valuations are complicated, there will be a period of negotiation with the freeholder and their surveyor. Naturally, we are able to take care of this for you too.
Completing The Transaction
Once all of the parties agree the freehold purchase premium, we work with our experienced legal partners to complete all the necessary paperwork and arrange payment. After that, your freehold purchase will be complete.
Though there are a number of stages involved and numerous legal documents to complete, it’s important to remember that we’ll take care of all of the difficult elements for you.
Here at Leasegevity it’s our aim to help make purchasing the freehold on your property as simple as it can be. So, if you want more advice on purchasing the freehold on your property – don’t hesitate to get in contact with us.