Collective enfranchisement is also known as leasehold enfranchisement, freehold purchase and buying freehold. Discover more with out simple FAQs.
What is leasehold enfranchisement?
It is the process by which a group of leasehold flat owners collectively purchase the shared freehold of their building. Learn more…
Why should I buy my freehold?
There are several benefits to buying the freehold:
- Increase the value of your property
- Exercise greater control over your building
- Grant yourself a lease extension at zero premium
What are the disadvantages of freehold purchase?
It is as important to consider the downsides as the benefits:
- It can be expensive
- It is usually time-consuming
- It is hard to coordinate all participating flat owners
How much does it cost?
The costs of buying freehold can be broken down into these stages:
- Your legal fees
- Your valuation fees
- Disbursements
- The premium
- Your landlord’s costs
How long does it take to buy the freehold?
It typically takes around 9 months from the service of the notice commencing the process, but the whole enterprise will normally be about a year. For large, complex cases, where coordinating the flat owners is difficult, this could be significantly longer. Learn more…
Can I buy my freehold?
This is not guarantees because there are certain criteria you will need to fulfill if you wish to qualify for a collective enfranchisement. Learn more…
What is a participation agreement?
A participation agreement is a binding arrangement that sets out how the freehold purchase costs will be allocated. Learn more…
