Buying your freehold
Whether you are a landlord or a tenant, our experienced and dedicated team of specialists can help guide you through the complicated collective enfranchisement process. We can also help where your freeholder is missing.
Tenants can purchase the freehold of their block of flats if:
- The building has at least two flats that are owned by qualifying tenants;
- Two thirds of the total number of flats are owned by qualifying tenants; and
- At least half of the qualifying tenants want to participate in the purchase.
A “qualifying tenant” is the owner of the lease of a flat that was originally granted for 21 years or more, but you cannot be a qualifying tenant if you own three or more flats in the same building.
Where at least half of the qualifying tenants are willing they can get together and require the landlord to sell the freehold to them for an agreed purchase price. The price is calculated according to a statutory formula and takes into account the value of the flats in the building and any potential development value, as well as other factors.
We can assist you in recommending suitably qualified valuers to advise on the likely purchase price and we will serve or respond to the required notices.
In most cases the price is agreed, but if the price cannot be agreed, the landlord or the tenant can ask the Property Tribunal to decide what it should be. We can assist in making the application and, if required, have specialist advocates that can represent you at the hearing to secure the best outcome for you.
Once the price is decided we can then take care of agreeing the remaining terms of transferring the freehold, dealing with completion and all formalities at the Land Registry.