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Collective Enfranchisement
Collective Enfranchisement
The leasehold reform made it possible for leaseholders to extend or purchase their property’s freehold. A collective enfranchisement is a group of leaseholders can purchase the freehold. This is a complex process of purchasing the freehold of a block of flats or properties. The Leasehold Reform Housing and Urban Development Act 1993 granted leaseholders the right to apply for the freehold.
Case Scenario
One example of collective engranchisement is when the owners of apartments in the same block, decide to join forces and buy the building’s freehold. All leaseholders need to agree to this and need to also agree if they would like to purchase the freehold or simply extend it for 90 years. This is a compound process, involving several entities, including the freeholder. The first port of call is an experienced and qualified solicitor or lawyer that understands the complexities of enfranchisement.
Course Of Action
You and the other leaseholders will need to find out if the entire property qualifies for freehold acquisition. You’ll also need to discuss it with the other leaseholders exactly what their intentions are, whether they are all in agreement that they’re looking to buy the freehold or extend the lease. In addition, a surveyor can undertake a valuation survey of the entire building and prepare a report. The surveyor’s report will help the leasholders to decide if they want to move forward with the freehold purchase.
Contact A Lawyer
Contact a qualified property lawyer with experience in the area of freehold acquisition. For your collective enfranchisement application, we can guide you from the start right through to completion. We recommend that you get a participation agreement. A participation agreement lists all costs, how costs 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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Call us now on 07855 849232 or complete our Online Enquiry and we will be delighted to talk with you about your legal matter.
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