Owners of leasehold flats have the right to group together and collectively purchase the freehold of their building, this is called leasehold enfranchisement. This right is subject to certain conditions which include:
Exercising the right to purchase the freehold is more expensive than exercising the right to manage which is also available to tenants, as the tenants must compensate the landlord for it’s loss of the freehold interest. The actual amount the tenants have to pay to the freeholder depends on the amount of ground rent payable, the number of flats in the building and the length of term remaining on the leases. As with lease extensions, if any of the leases at the building have less than 80 years remaining on the term, the cost will increase.
Once the flat owners have bought the freehold, they can have full control and management of the building and the service charge. Those that have participated are able to grant themselves lease extensions, removing any ground rent liability for no premium. Furthermore, they can share the premiums that any non-participating tenants pay should they apply to extend their leases.
Please contact a member of our team if you would like more information.
"Prompt, helpful, polite and very professional service"
"We were very pleased to have Jade as our solicitor, the service was excellent and we felt kept in the loop which minimised stress"
"I have used Tracey Laflin at Gotelee on a number of occasions and in my opinion, she is simply the most efficient conveyancing solicitor I have ever worked with. From the outset, she took the time to understand my specific business requirements and to date, she has exceeded all of my expectations."
- Dale Fiddy - Portobello Developments Ltd
"Approachable, very efficient, always willing to take my calls and update me."
"The ease that we could access and speak to Pat Smith - Thank you"
"Jade made the process of buying our first home quick, easy and took the stress out of a new chapter of our lives"
"We found Rachel Dawson outstanding, polite, professional and caring."
"I don't think this house sale would have pulled together without Jo's determination and expertise. Excellent!"
"This is by far the go-to firm for any issues. You are made to feel valued from the outset and they are so confident in what they do. Wouldn't recommend any other. Thank you Hugh and Max."
- Ros Jones
"I would like to say thank you for your help, support and guidance over the last two and a half years. Obviously should I need further assistance in the future I shall not hesitate to call you guys."