Buying your own freehold overcomes issues of a short lease term on your existing leases and means you have better control over your property. Flat owners are entitled to collectively purchase their own freehold, known as enfranchisement. For those flat owners with less than 85 years remaining on their lease, this is very important; however, 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 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 landlord disputes.
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. Please call us for more information about qualification.