Buying or Selling your Freehold
Subject to satisfying certain qualifying conditions, leaseholders can come together to acquire (as of right) the freehold of their building.
There are a number of qualifying conditions which must be met and if you qualify, you will need to know how much it is going to cost each leaseholder. Potentially being more complex than a lease extension, there is a different calculation applied to valuing collective enfranchisement cases.
Depending on your circumstances we can provide one of our two services:
Detailed Valuation Reports
We produce a comprehensive report along with three valuations without the need of inspecting your property, as we can find out all we need to know through access to professional property databases.
The valuations would set out a best-case, worst-case scenario for you; explaining your options. This service is a recommended option if you want a more detailed analysis without the added expense of a site visit.
Property Visit Valuation Reports
Following a more traditional approach to property valuation, if your property is in the ‘Prime’ Central London area or is of a high value, or on a short lease, we often recommend a site visit. From our experience, central London properties often have more complex lease structures and variables.
Our site visit in which we measure your property or properties complements our full review of a sample lease and associated documentation, from which our best-case worst-case scenario report follows, including and most importantly our valuations for the worth of the collective enfranchisement, including a flat-by-flat breakdown of who should pay what.
You can call us today to discuss which of our services would be best suited for you. Alternatively if you have any questions, you can fill out our contact form on the right, or chat instantly with us during business hours using the chat facility in the bottom right-hand corner of the screen.
When it comes to collective enfranchisement cases we are usually able to give advice after asking a number of questions involving the location of the property, an idea of the value of the flats within the property, and the length of the various leases.
In addition, we need to establish if there are additional parts of the estate to consider such as garages and parking spaces. We also need to consider if the property has development potential, establishing facts from the outset allows us to give best advice.
Where all or some of the leases are below 80 years remaining it is important to establish how many leaseholders are going to participate in the collective enfranchisement. This information is not always certain, especially in the early stages, but it will have an impact on the premium payable by each participant. As such, we have devised a template system so that we can calculate our opinion of the likely share of the premium payable per flat regardless of our knowledge of the participating flats, as we undertake the valuation for each flat as a participant and as a non-participant.
In this way, our reports are flexible and useful regardless of the combination of leaseholders participating in the freehold purchase.
We understand that the ‘legalese’ and industry-specific terminology can be confusing.
We understand that the ‘legalese’ and industry-specific terminology can be confusing. If this section of our site leaves you wanting more information, please contact us today or click on the instant chat widget at the bottom of this page! – and one of our customer service advisors will be happy to answer any questions you may have.