If you’re considering purchasing the freehold on your property and need legal assistance, consult the specialists at Slater and Gordon Lawyers for expert advice you can rely on.
If you own a property in England or Wales and it’s a leasehold property, you could be entitled to purchase the freehold. It could be that the landlord - the current owner of the freehold - has decided to sell, or you could begin the process yourself.
Owning the freehold of a property is associated with a range of benefits. For example, it can give you much more control over the management and maintenance of the property. It can also eliminate the requirement to pay ground rent to the landlord, and it can make the property easier to sell and more valuable.
Many homeowners choose to pay for an extension to the lease on their properties rather than purchase the freehold. This is because this process is usually less expensive and easier. However, there are many advantages associated with purchasing the freehold compared to simply extending the lease. These include:
In 1993, a new right for leaseholders was brought in under the Leasehold Reform, Housing and Urban Development Act. This piece of legislation stated that qualifying tenants of flats and apartments had the right to purchase the freehold on their properties at a fair market price. This right is called “collective enfranchisement” and it’s what has made it easier in recent years for leaseholders to take control and purchase the freehold on their homes.
If you exercise your right to purchase the freehold on a flat, it’s important to note that you’ll then share the freehold on the whole of the building with its other tenants. This means you’ll need to secure the cooperation of your neighbours within the apartment building, and continued cooperation will be key. There may still be disagreements and you may need to work hard to reach a consensus on important matters.
To find out whether you may be eligible to purchase the freehold on your property, you can contact Slater and Gordon Lawyers to speak to one of our property specialists. Call our freehold purchase solicitors on freephone 0808 175 8000 and we’ll advise you on the next steps to take.
It’s important to note that for this process to go ahead, you’ll need at least 50% of the building’s tenants to agree. The more flat owners that take part, the more affordable it may be in terms of legal fees. Our solicitors can also help with participation agreements, which are legally binding agreements that can help to prevent logistical problems with large blocks of flats. Once the relevant people have agreed to purchase the freehold, the next step is to seek expert assistance from a chartered surveyor to value the freehold.
Following this, you’ll need to approach the freeholder. If they’re already considering selling, by law they must offer the freehold to the owners of the flats in the building. There’s usually a time limit to agree to the purchase and the purchase price, or the freehold will go onto the open market.
If the landlord doesn’t intend to sell, our freehold purchase solicitors can help you and the other flat owners in your building to set up a limited company for the purpose of purchasing the freehold. We’ll approach the landlord with an offer signed by the other leaseholders and negotiate the price, with the aim of purchasing the freehold at a fair price and in a timely manner.
Freehold purchase can be a complicated process, which is why it’s crucial to seek legal advice from a specialist in freehold purchasing. The freehold purchase solicitors at Slater and Gordon Lawyers have extensive experience working with clients to purchase freeholds on a range of different property types, so we’ve the expertise needed to assist you from start to finish. Our aim is to streamline the process as much as possible, ensuring a speedy and efficient resolution to your case. We use our experience to negotiate with the freeholder and uphold your right to purchase and secure the best possible price. We also pay meticulous attention to detail in the paperwork to ensure that everything runs smoothly.
Our solicitors will take the stress and hassle out of freehold purchasing, handling every aspect of the transaction and keeping you fully briefed on developments at every stage.
If you need our help with a freehold purchase or you’re simply looking for sound advice to enable you to make a decision, you can rely on our team. Contact our industry-leading freehold purchase solicitors on freephone 0808 175 8000 or use our online contact form.
Slater and Gordon Lawyers is one of the largest law firms in the UK with offices across the country. We’re known for our specialist experience and client-focused approach. If you need our help, we won’t let you down.