Hi, I am looking at the possibility of buying freehold from a 'difficult' freeholder. I live in a converted house, it has been made into 2 maisonettes - ground and floor floor. Both me and my neighbour are in agreement, but we are scared off by the prospect of a long, expensive legal case. To give rough figures, properties were selling for a 175k & 200k respectively a couple of months back, and less than 70 years remain on the leases (freehold purchased in mid 70s for circa 10k).
Can you give me any idea at all about timescales and possible costs to buy (I think its collective enfranchisement)? I doubt the freeholder will let us buy without making things difficult!
Many thanks in advance.
Freehold Purchase
Comments
Freehold Purchase
Hi,
The fact is, your freeholder must sell (however difficult he is), provided both you and the other flat owner proceed together. You are correct by stating the general terminology is Leasehold Enfranchisement. I prefer to refer to it as Freehold Purchase or Acquisition of Freehold instead. Most people associate the word "Enfranchisment" with a Business chain of! I prefer to use simple language that people can understand.
I believe now is the best time to buy the freehold. Yes, it may take several months to complete, but once you have bought the freehold, you then rid yourself of your freeholder, reduce your ground rent to zero and you can then extend your leases to 999 years. All in time for when the property market gathers full pace once again i.e. when you may be thinking of selling.
I will be happy to assist you, and please let me have your details via our Get In Touch page. I will then provide you with a quote, together with an Information Sheet and some other useful documentation that will assist in your decision. In the meantime, you may wish to take a look at the Freehold Purchase Information Videos recently added to our site.