|Buy The Freehold (collective enfranchisement)
|Housing and Urban Development Act 1993 (as
The Leasehold Reform Acts that have been put in place over the
years have gradually increased the rights for Lessees to force
the Landlord to sell the freehold to them.
We can advise with regard to these rights, arrange for the appropriate
valuation and as to the likely cost of the same and assist in
the issue of an application for the purchase of the freehold
and deal with all the procedures for you until the final completion
Many Lessees are unaware that if a Landlord is absent that they
still have the right to purchase the freehold. We can assist
with regard to the arranging of the valuations and appropriate
applications either to the Land Value Tribunal or the Court
to complete such purchases.
This is a particularly important part of any sale as many flats
become unsaleable or unmortgageable due to the Landlord being
absent and rather than this particular problem arising at the
time of the sale, advice be sought to rectify the problem as
soon as the Lessees are aware that the Landlord is absent and
not complying with his obligations under the Lease.
For further information please feel free to contact us or complete
an enquiry form and we
will get back to you as soon as possible.
Some points to consider:-
If a Landlord has not complied with hid obligations under the Lease, consideration should be given to an application to appoint of a manager to carry out these obligations or if necessary taking court action against the Landlord for breach of his repairing covenant.
- Have you obtained a valuation for the freehold?
- How many lessees wish to participate in the enfranchisement?
- Do the premises come within the act to enable you to enfranchise?
- Are there any commercial premises in the freehold and if so what percentage?
- Is there only one Landlord or are there any intermediary ones?
- Will all the lessees wishing to enfranchise commit themselves until completion?
- Have you considered the costs of the procedure, including the Tribunal costs, bearing in mind the Landlords and surveyors costs have to be paid in part for the notices and valuation?
- Are the premises in a good state of repair, as you will be responsible for repairs after completion?