| If
you own a flat, you and the other leaseholders of the flats
in your building may have the right to buy the freehold jointly
(also called 'enfranchisement'). However, the conditions that
you must meet to do this are complicated.
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You have the right to do this if:
* you have a long lease of 21 years or more;
* the leaseholders who agree to buy the freehold
of the building are leaseholders of at least half the flats
in the building (if there are only two flats, both leaseholder
must want to buy);
* at least 75 per cent of the building is
for residential use; and
* the freeholder owned the building before
its conversion, and converted it into up to four flats, but
neither they nor an adult member of their family have lived
in any of the flats during the past year.
If other leaseholders buy the freehold of
your building but you do not join them in the purchase, your
rights and responsibilities as a leaseholder do not change
- it's just that your freeholder will be the group of neighbours
who have joined.
You can get more information about buying
a freehold from the Leasehold Advisory Service (see 'Further
help'). However, the actual process of valuing and buying
a joint freehold is long and complicated. You will need expert
help from a valuer and a solicitor. The valuation will be
based on not just on the open market value but the 'marriage
value'.
There are other ways to obtain the freehold
of your building. In most cases, a freeholder who wants to
sell the freehold of a block of flats must first offer the
leaseholders the chance to buy it before offering it to anyone
else.
Leaseholders may also have the legal right
to buy a freehold when the landlord has a poor record of carrying
out their role, for example, in maintaining the property.
Real
Estate Contracts | Fee
simple | Leasehold
vs. Fee Simple | Buying
the freehold of a flat |
Buying
the freehold | What
is freehold land? | Best
Real Estate Property Investment Potential |
Consolidation
Loans Being Free | Freehold
and Leasehold Property in Chandigarh |
