My freeholder wants to sell the freehold
Book your freehold quote below
What is the process?
- Instruct a solicitor to draw up a participation agreement.
- Instruct a surveyor to carry out a valuation.
- Instruct a solicitor to serve a Section 42 notice.
- The freeholder has a maximum of 2 months to respond with a Section 42 notice.
- Instruct a surveyor to negotiate a fair and reasonable premium.
- 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.
- Solicitors agree terms of the new lease.
- 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.