If you live in a flat or apartment where more than half of the residents wish to acquire the freehold of the block, you may be entitled to force the current freeholder to sell it to you as a collective under the Leasehold Reform Housing and Urban Development Act 1993. This will, eventually, result in the acquisition of the block as a whole and enable you to collectively vary the terms of your leases, as well as potentially benefit from the receipt of premiums for lease extensions or licences to alter from any non-participants within the block who subsequently wish to improve their properties.
As part of a Collective Enfranchisement, we will need to inspect as many properties as possible within the building and will then refer to the individual leases to calculate the most appropriate premium for you to offer as part of your Notice to the current freeholder. We will also be more than happy to act on your behalf to negotiate with the freeholder’s representatives and can offer recommendations on appropriate legal professionals if required.
If we can assist with your Collective Enfranchisement then please get in touch and we will be happy to arrange a call or meeting with your building’s representatives.