Freehold Purchase, Enfranchisement
In addition to paying a ground rent, a leasehold title can impose restrictions on the use of your property, for example consent may be required for building extensions and transferring the property. Moreover, a lease with a term of less than 125 years may impact on the value of your property and its saleability and missing freeholders can also cause a disruption to the sale of your property altogether.
Most residential leasehold property or flat owners have the legal right to purchase the freehold of the property they are leasing, effectively buying their landlord’s interest outright.
Purchase the Freehold as an individual:
The Housing and Urban Development Act 1993 confers a right, subject to statutory conditions, for a flat owner to buy the freehold to the flat they are leasing.
The Leasehold Reform Act 1967 gives the tenant of a leasehold house the right to acquire the freehold, dependant on if the tenant fulfils the statutory conditions.
Purchase the Freehold collectively:
The Housing and Urban Development Act 1993 provides flat owners to join forces to collectively buy the freehold provided that the criteria set out in the legislation is satisfied.
The right of long leaseholders to buy the freehold from their landlord is unique to England and Wales and so expectedly the process can be highly complicated. Enfranchisement can be a legally difficult procedure, which can be exacerbated by reluctant freehold owners. Although there are an array of professionals, professing an expertise in this area, it is vital to consult professional solicitors as this gives you certain advantages. Monarch Solicitors can manage the process from start to finish, ensure co-operation between the leaseholders and freeholders, and ensure that a solid, legitimate enfranchisement arrangement occurs.
For a free 30 minute consultation with one of our expert Freehold Purchase Solicitors in Manchester & London, please contact us on 0161 820 8888 or 0207 592 0806. Alternatively, fill in our online enquiry form below, for a call back.