Right to Buy a Freehold
As a leaseholder in a block of flats, there could be many reasons for wanting to buy the freehold of the property. Perhaps you are unhappy with the way the existing freeholder maintains the building, or you may be concerned that owning a flat only gives you rights of occupancy for the term of the lease. When your lease eventually expires, your flat reverts to the freeholder.
Leaseholders of properties may have the right to buy the freehold of their building by grouping together with other leaseholders. The legal term for this is Collective Enfranchisement and there are rules in place defining who is entitled to exercise this. Entitlement depends upon the length of your lease, the type of property you live in and how many of your neighbours want to purchase the freehold with you. If you are successful, you and some/all of your neighbours would become freehold owners of the whole building.
We can act on your behalf to:
- Check your eligibility for Right to Buy the Freehold
- Investigate title to the freehold of the property
- Help you establish a valuation for the freehold
- Establish a company to buy the freehold
- Draw up an agreement between yourself and your co-tenants
- Draw up and serve the required notice on your landlord, and later, if necessary, prepare an application to the Leasehold Valuation Tribunal
- Transfer the freehold to your new company
- Draw up new leases
For further information please contact a member of our Conveyancing team.