Freehold acquisition, also known as collective enfranchisement, allows a group of leaseholders in a block of flats to purchase the freehold. This complex process of acquiring a freehold requires expertise in the area and legal advice. Are you part of a group of leaseholders planning to purchase your block of flat’s freehold?
The right to freehold acquisition by a group of lease holders was granted by the Leasehold Reform Housing and Urban Development Act 1993. With this Act, you can get together with the leaseholders of the block of flats you live in, and agree to purchase the building’s freehold. As long as all leaseholders are in agreement and you are able to afford it, all you need to help you through the process is a qualified and experienced property lawyer.
You’ll need to find out if the block of flats you reside in qualifies for freehold acquisition. You’ll also need a surveyor to undertake a valuation survey of the entire building, as well as the flats and prepare a report. We can help you allocate a qualified surveyor for this type of work. We might also put you in touch with a property investor, if you think you might need some financial assistance in covering any gaps in the cost.
Your first step should be contacting a qualified property solicitor with experience in the area of freehold acquisition. For your collective enfranchisement application, we can guide you from the start right through to completion. You might need a participation agreement stipulating costs and how these will be covered and by whom.
For more clarity on the Leasehold Reform Housing and Urban Development Act 1993, please contact us for a no obligation consultation. SG
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