The right to buy the freehold

If you are a leaseholder you may be eligible to purchase the freehold of your property as a collective enfranchisement. Certain criteria does exist to enable you to be eligible.

Am I eligible for the right to buy the freehold?

To have the right to buy your freehold the following requirements must be satisfied, making you a 'qualifying leaseholder':

* The original lease must have been at least 21 years long; and
* The property must be residential

Also the property must meet the following requirements:

* There must be at least 2 flats within the freehold;
* No more than 25% of the building must be used for non-residential purposes;
* At least 2/3 of the flats must be let to qualifying leaseholders (see above); and
* At least 50% of the flat owners must participate in the Enfranchisement

Is it worth excersing my right to buy the freehold?

If you exercise your right to buy the freehold you will become the landlord and will therefore be able to manage the property. You are then able to take on responsibility for managing your building. In addition you have the option of freely modifying your leasehold to yourself on favourable terms without needing to pay any ground rent.

Please ensure you take legal advice concerning your right to buy. Hetts Solicitors have experience dealing in this, if you require a consultation please contact us.