Buying your own freehold overcomes issues of a short lease term on your existing leases and means you have total control over your property. Flat owners are entitled to collectively purchase their own freehold, known as enfranchisement. For those flat owners with short leases this is also a way of restoring value -check your lease today and see how many years you have left. There are a number of other distinct advantages to consider.
Buying your freehold not only increases the value of your flat but means you can exercise real control over your property, with the choice of how best to insure, manage and maintain and repair your property rests in your own hands. Additionally, a freehold purchase can also allow flat owners to enjoy new rights over roof spaces, half landings or external areas and eliminates the possibility of disputes with your freeholders.
There are various criteria to meet for purchasing your freehold, but typically if you have a majority of flat owners interested and there is no commercial element, it should be straight forward. If you have part commercial ( ie shops at ground floor with flat owners) it is still possible to buy the freehold but will depend on floor areas. Please call us for more information about qualification.