Lease Enfranchisement (Purchase of Freehold)

MikeTibbatts.co.uk > Home Owners > Lease Enfranchisement

Leasehold Enfranchisement is a highly specialised area. Tibbatts & Co have worked in this field for many years and are able to provide you with expert advice on this matter.

FLATS:

If you own the leasehold on your flat, you can (with the other lessees) purchase the freehold of the property. However, to collectively buy the freehold a minimum of 50% of the leaseholders must agree to participate.

That is:

• In a building containing two flats both flats must participate
• In a building containing three flats two of the flats must participate
• In a building containing four flats at least two flats must participate
• In a building containing five flats three flats must participate

To check that you qualify to purchase the freehold of the property, please consult the detailed list set out on the Lease Advisory Service website.

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HOUSES:

The valuation of houses for the purposes of leasehold enfranchisement (and leasehold extensions) is complicated. Each case must be carefully judged and we always strongly recommend that you also instruct a solicitor

For further information, or for detailed advise, please call 020 8947 7040 or email us at mike@miketibbatts.co.uk.

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Procedure:

Leaseholders - you should instruct a surveyor to produce a valuation of the freehold. Your solicitor will then serve a formal initial notice (under Section 13 of the Act) on the Freeholder(s)

Freeholders - once the formal Initial (Section 13) Notice has been served on you, you must respond with a formal Counter Notice within two months of the date of the original notice.

Tibbatts & Co have many years' experience in this field, and can conduct negotiations on behalf of either the Leaseholders or the Freeholder.

We can provide expert professional advice on:

• Valuation of freehold
• Dispute resolution
• Representation at the Lease Valuation Tribunal should this be necessary

For further information The Lease Advisory Service for more information and advice on freeholds.