Enfranchisement is the statutory right for flat owners to buy the freehold of their building, even against their freeholder’s wishes. You will need to form a majority group of flat owners to collectively exercise your right to enfranchise. In return you will have to pay a fair price and a contribution towards your landlord’s costs.
Why consider enfranchisement?
- You and the other participating flat owners will own a “share of freehold”, which is often attractive to buyers;
- You can extend the Lease of your flat to 999 years without having to buy a Lease extension;
- The group can decide to stop demanding ground rent from the leaseholders;
- You can take control of management of the estate/building containing the flats. This means the group can set service charge budgets, and ensure you get the best deals on buildings insurance. If the leasehold flat owners wish they can choose to appoint a property managing agent.
Buying the freehold using collective enfranchisement is not always available. Nor is it always the best thing to do. At BLB we will provide clear advice as to whether your building qualifies, and whether this process is in your best interests. By using BLB:
- you will maximise your chances of getting the best deal;
- we can ensure you and your fellow participants have a clear agreement in place to give the best chances of the process being a success;
- you will be guided through the procedure to avoid the technical pitfalls and to minimise the chances of your claim being challenged by your freeholder/landlord.
- you will be represented by specialist property lawyers with experience in Property Tribunal and civil court claims, should either be needed.
What will it cost?
No enfranchisement claim is the same because lease wording and buildings vary greatly. You may be acquiring the building alone, or there may be external grounds you want to include – or exclude.
Also, it is not possible to predict how your landlord/freeholder will approach the claim, which can affect the amount of work involved and therefore your costs. Through our transparent pricing you will know from the outset what the likely costs will be, with costs projections should there be unforeseen complications.
In addition your freeholder/landlord is entitled to be paid certain costs of responding to the process and we will guide you through this at an early stage.