Meaby & Co. Specialist legal advice when buying your freehold
What are the advantages of buying your freehold?
If you are considering buying your freehold you will need specialist legal advice. Buying the freehold means that owners of leasehold flats can become their own freeholders. This means no more Ground Rent, freedom to decide on the level of repairs, the property management or service charge etc. Long leases can be granted, usually without payment and should you wish to sell, a leasehold property with a share of freehold is usually more attractive to buyers. Recent reports suggest an increase of 1% in property value.
What is involved?
Government Legislation has made it easier for leaseholders to take control and buy their freehold.
It’s all about a legal process called collective enfranchisement, which gives the owners of leasehold flats the right to club together with other leaseholders to buy the freehold for a fair market price. This right was brought in to law in 1993.
Yes, this is a complex area and we have significant expertise.
Initially we’ll typically have a consultation over the phone, to discuss your individual circumstances and decide on the best way to proceed.
Whether it’s a small Victorian conversion property or a large block of flats, we’ll work with our network of contacts from expert surveyors and specialist counsel to make your application successful.
Have a read of our Guide to Buying your Freehold.