Buying a freehold

I want to collectively buy my freehold
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The Leasehold Reform Housing and Urban Development Act 1993 entitles qualifying leaseholders to collectively buy their freehold.

Do I qualify?

You qualify if:

  • 50% or more of leaseholders are participating (if there are only two properties in a block, then both must participate)
  • The original lease must be in excess of 21 years
  • Charitable housing trusts, properties in a cathedral precinct, etc are exempt
  • If Freeholder converted / has lived there before and after conversion / been there for past 12 months
  • There cannot be more than 25% commercial use
  • It cannot contain more than two plots
  • More than two-thirds must be qualifying tenants
  • Vertical division
lease extension process – learn more

What is the process?

  1. Instruct a solicitor to draw up a participation agreement.
  2. Instruct a surveyor to carry out a valuation.
  3. Instruct a solicitor to serve a Section 42 notice.
  4. The freeholder has a maximum of 2 months to respond with a Section 42 notice.
  5. Instruct a surveyor to negotiate a fair and reasonable premium.
  6. If a premium is not agreed before 6 months has passed from the Section 42 Notice, this is the latest an application to the First Tier Tribunal can be made.
  7. Solicitors agree terms of the new lease.
  8. Upon agreement of the terms, there is 4 months to complete the process.

Under the Leasehold Reform, Housing and Urban Development Act 1993 qualifying leaseholders are entitled to purchase the freehold as long as there are 50% or more qualifying tenants participating in the enfranchisement claim. The original lease must be in excess of 21 years. Read More...

To discuss the process in greater detail and receive a quote, contact one of our experts.

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