Do you own a flat in a block of flats? Would you like to acquire the freehold? A leasehold enfranchisement would entitle leaseholders of a block of flats to collectively acquire the freehold of the building. This is a complex enfranchisement process that requires skill and experience in property law.
With enfranchisement of a block of flats’ leasehold, you own part of the building’s grounds – you own it collectively with the other home owners in the building. It’s a joint ownership of the freehold. With the joint ownership of the freehold, you have a lot more control over your own property.
Leaseholds can potentially reduce the value of a property because of the freehold’s time span. Leaseholds can have time extended to 999 years, thus boosting the value of the property. You can also refurbish the property but it can be at the freeholder’s peril. However, if you are the freeholder, you are the owner of the property and your heirs will not eventually loose rights to the property.
Disputes between co-freeholders can occur, including late or non-payment of any repairs and up keeping of the building and grounds. You and the other home owners could assign an agent to manage the freehold or you could collectively self-manage, which might get tricky if all freeholders are not in synch.
So what if other leaseholders aren’t interested in the freehold of the building? Some leaseholders might be planning to move, there are buy-to-let landlords who benefit from the leasehold and also home owners who live abroad, making it difficult to process the enfranchisement and honour maintenance obligations.
If you are thinking of acquiring a freehold and are dependant on other leaseholders to take the leap, please give us a call for an informal discussion. We are here to help. SG
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