Increasing amounts of people are looking into buying the freehold from their current holders.
Owning a freehold means that you own the land that property stands on as well as the property itself, mostly applicable to flat owners. Flat owners can now obtain the freehold more easily following a new legislation in place.
Most experienced solicitors in Kent, London, Manchester and other major areas in the UK can help inform and advise you of a process called collective enfranchisement which allows homeowners the right to join forces with the leaseholders and buy the freehold from the freehold owner.
A lot of flat owners in the UK do not own the freehold and are leaseholders only and can expect to have to pay a service charge to the freeholder additional to the rent already due.
Freeholders can extend a lease for up to 999 years without a charge compared to a possible five0-figure sum that leaseholders may be expected to pay for the same extension.
Within the collective enfranchisement process, you learn that you share rights to the freehold on the flat along with the other freeholders in the block. However if the freehold is on a house, you will end up owning the house outright.
Both freeholds and leasehold extensions can increase in cost once the lease has less than 80 years on it, which means flat owners, should act quickly if that is the case.
Simple work can cost freeholders an unnecessary high amount of charged by the leaseholder; this is the number one reason for freeholders to be seeking collective enfranchisement advice.
Many flat and property owners look at extending the lease of the property at the same time as buying the freehold in order to reap the benefits of owning the freehold straight away.
Once you own the freehold you can say goodbye to the strict rules that may have been in place previously such as owning a pet in the property although negotiations with neighbours may be necessary and a good idea.
The overall collective enfranchisement process can be quite a timely process, but seek the right advice and legal help and efforts will pay off and save money in the long run.
If there is a quite a high amount of you with the block of flats wanting to own the freehold, it can add to the difficulties that may occur. Freeholder’s valuation and legal fees will have to be paid and if these are proved to be unnecessarily high, a case can be taken to the Leasehold Valuation Tribunal, which will enquire further legal advice and representation.
For more information on the collective enfranchisement process, contact property solicitors in London who have a wealthy of expertise in the field, read testimonials and reviews and contact a number of solicitors in the area before deciding on who to use.
Owning a freehold means that you own the land that property stands on as well as the property itself, mostly applicable to flat owners. Flat owners can now obtain the freehold more easily following a new legislation in place.
Most experienced solicitors in Kent, London, Manchester and other major areas in the UK can help inform and advise you of a process called collective enfranchisement which allows homeowners the right to join forces with the leaseholders and buy the freehold from the freehold owner.
A lot of flat owners in the UK do not own the freehold and are leaseholders only and can expect to have to pay a service charge to the freeholder additional to the rent already due.
Freeholders can extend a lease for up to 999 years without a charge compared to a possible five0-figure sum that leaseholders may be expected to pay for the same extension.
Within the collective enfranchisement process, you learn that you share rights to the freehold on the flat along with the other freeholders in the block. However if the freehold is on a house, you will end up owning the house outright.
Both freeholds and leasehold extensions can increase in cost once the lease has less than 80 years on it, which means flat owners, should act quickly if that is the case.
Simple work can cost freeholders an unnecessary high amount of charged by the leaseholder; this is the number one reason for freeholders to be seeking collective enfranchisement advice.
Many flat and property owners look at extending the lease of the property at the same time as buying the freehold in order to reap the benefits of owning the freehold straight away.
Once you own the freehold you can say goodbye to the strict rules that may have been in place previously such as owning a pet in the property although negotiations with neighbours may be necessary and a good idea.
The overall collective enfranchisement process can be quite a timely process, but seek the right advice and legal help and efforts will pay off and save money in the long run.
If there is a quite a high amount of you with the block of flats wanting to own the freehold, it can add to the difficulties that may occur. Freeholder’s valuation and legal fees will have to be paid and if these are proved to be unnecessarily high, a case can be taken to the Leasehold Valuation Tribunal, which will enquire further legal advice and representation.
For more information on the collective enfranchisement process, contact property solicitors in London who have a wealthy of expertise in the field, read testimonials and reviews and contact a number of solicitors in the area before deciding on who to use.