Want to band together with your neighbouring leaseholders to purchase the freehold of your property? You’re legally entitled to, and the benefits can include securing a long-term home to increasing your property’s value.
The process of purchasing your freehold building with other leaseholders is known as collective enfranchisement. But while this can be beneficial in some situations, it can occasionally be a poor investment decision in others.
And how can you be certain that your freeholder will offer fair terms for the sale?
At Novello Chartered Surveyors, we’re a modern, fully mobile team of expert RICS Registered Valuers. We can act on behalf of freeholders, leaseholders, or both.
Essentially, our job is to make sure you get a fair deal by determining the market value of your property and liaising with all parties involved in the sales process. In short, we can speed up complex procedures, help you save money, protect your finances, and plan your budget accordingly.
Thanks to the amended Leasehold Reform Act of 1993, almost all qualifying leaseholders have a legal right to collectively purchase their freehold property, hence the term collective enfranchisement.
But to find out whether you qualify for collective enfranchisement and how much it should cost, you’ll need the services of a RICS Registered Valuer. We can produce collective enfranchisement reports that detail the worst- and best-case scenarios for all parties involved.
Club together with your fellow leaseholders to purchase your freehold building, and you can:
It’s worth noting that by purchasing your freehold, you will collectively become responsible for organising any repairs and maintenance for the building. Although it is common for this responsibility to be outsourced to a block or property manager.
Collective enfranchisement isn’t always the best course of action for leaseholders. For starters, buying freehold can be a lengthy process, and keeping all other qualifying leaseholders interested can be challenging to say the least.
Then, of course, you need to negotiate fair terms with your landlord, fill out a lot of paperwork, liaise with all involved parties, and understand what the future holds regarding your home and finances.
Want to simplify things? Call us, and we’ll help you overcome all obstacles.
You can use your collective enfranchisement report to:
There’s no end to the potential benefits of purchasing your leasehold, provided you get the timing right and know what the outcome is likely to be. If you want to find out whether collective enfranchisement is right for you, call our independent, impartial, affordable and fully mobile team of RICS Registered Valuers.
Quotes and advice are free, so contact us today to find out how we can help you