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Freehold Purchase Valuation

(Collective Enfranchisement)

Freehold Valuations for Collective Enfranchisement in London and the Home Counties

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?

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1Types of leasehold valuation:

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Get our step by step guide to buying the freehold with your neighbours

Download our free eBook ‘What are the steps to collectively purchase the freehold of my flat with my neighbours?’ to find out more about the process and how our team of RICS registered Valuers can help

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Get advice from our RICS Registered Valuers

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.

Do I have the right to buy my freehold

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.

The benefits of collective enfranchisement

Club together with your fellow leaseholders to purchase your freehold building, and you can:

  • Form a company to claim full ownership of your home
  • Extend your lease to 999 years, increasing its value while making it more enticing to potential buyers
  • Put an end to fees such as ground rent plus landlord and unreasonable service charges

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.

The challenges of buying freehold and how we can help

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.

What can I do with a freehold valuation report?

You can use your collective enfranchisement report to:

  • Work with a RICS-registered expert to handle technical issues
  • Gauge the current market value of your leasehold and freehold building
  • Gain an understanding of all possible outcomes
  • Secure fair acquisition terms with your freeholder

Learn more about collective enfranchisement and freehold valuations

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