Also known as “Collective Enfranchisement”
A group of leaseholders in a building can come together to buy out their freehold as of right. There are a number of qualifying conditions which must be met and if you qualify, you will need to know how much it is going to cost each leaseholder.
Potentially being more complex than a lease extension, there is a different calculation applied to valuing collective enfranchisement cases.
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When it comes to collective enfranchisement cases, there must always be a short case-by-case initial discussion. We are usually able to give advice after asking a short number of questions about the property’s location, value and length of the leases.
In addition, we need to establish a few basic pieces of information, such as: are there additional garages? Are there parking spaces or development potential? Establishing facts like these allows us to give best advice.
Where the leases are below 80 years it is important to establish how many leaseholders are going to be participants in the collective enfranchisement. This information is not always certain, especially in the early stages, but it will have an impact on the premium payable by each participant. As such, we have devised a template system so that we can calculate our opinion of the likely share of the premium payable per flat regardless of our knowledge of the participating flats, as we undertake the valuation for each flat as a participant and as a non-participant.
In this way, our reports are flexible and useful no matter what combination of leaseholders participate in the freehold purchase.