If you have decided that now is not the right time to sell your flat, this could be a good opportunity to get together with the other flat owners in your building and together acquire the freehold.
If you own a leasehold property, it may be possible for you to purchase the freehold. This process is known as "enfranchisement".
How you go about this depends on whether you own a flat or a house.
The legislation allowing flat owners to buy their freehold relies on there being several flats in the building that can work together to enfranchise. half of the flats need to make a joint claim together in order to force the current freeholder to sell. The process follows a structured timeline, and if a price can't be agreed by negotiation, then a tribunal can set the price.
Sometimes a freeholder will sell voluntarily, and if you live in a block of several flats the freeholder might not be able to sell the freehold without giving the tenants a chance to purchase the freehold together. That is known as the tenants' "right of first refusal".
Sometimes the owners want a contract agreed between them about how much they each pay, or how to manage the process. Often they will need advice on how to own the freehold together after they have purchased it.
The legislation allowing house owners to buy their freehold allows the owner to purchase it individually, to take greater control of their property and cease paying ground rent. It can simplify future sales of the property and also give greater control of maintenance.
What Thackray Williams do
We deal with freehold enfranchisement for groups of flat owners and individual homeowners. We can assess your ability to make a claim to buy your freehold and manage the claim from start to finish, dealing with a tribunal or court claim if needed.
Where we act in an enfranchisement we ensure that the purchase process is managed as smoothly as possible, and that all deadlines for the process are properly managed and met. Our specialist team negotiate the terms of the transfer to make sure you know exactly what you are getting, and aren't exposed to hidden problems with the freehold.
Key work at a glance:
advice on freehold acquisitions
investigation of rights to claim
- freehold purchase
- freehold enfranchisement
- right of first refusal
- report on title
- tribunal claims
- county court claims