
Jeanette Awadzi
PartnerLease enfranchisement is the process by which you, as part of a group of leaseholders (collective enfranchisement), can purchase the freehold.
make an enquiryUnder current legislation, a group of leaseholders has the right to purchase the freehold of their building provided certain conditions are satisfied.
You will need to satisfy the following conditions:
A qualifying tenant is a tenant of a flat with a long lease ie. 21 years or more. There is no requirement either for a tenant to have owned the lease for any period or for occupation of the flat as a main residence.
As assessment is made by a surveyor in three parts, based on the value of the ground rent; the value of the freeholder’s reversion at the end of the lease and half of the so-called marriage value. Marriage value is the increase in value when the freehold and leasehold interests are combined or ‘married’ together. Marriage values are only applied to leases with less than 80 years to run.
The leaseholders form a resident’s flat management company and a solicitor serves notice on the freeholder, making a monetary offer for the freehold. The freeholder either accepts or serves a counter-notice giving his asking price. The two parties then negotiate a price. If this fails then either side can apply to the Leasehold Valuation Tribunal who will determine a price.
For smaller blocks of leasehold properties it may not be necessary to obtain the freehold interest in this way.
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London
020 7481 2422Bromley
020 8464 4242Surrey
01483 284 567Sevenoaks
01732 457 575Chislehurst
020 8295 1989We are here for your legal needs in life and in business. Please get in touch with one of our experienced solicitors, who are here to help you.
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