If you own a flat on a leasehold basis, you will only own it for a fixed period of time. When the leasehold period ends, the ownership of the property reverts to the landlord. However, you do have the right to join together with other leaseholders within the same block of flats to buy the leasehold from the landlord. This is known as leasehold enfranchisement or collective enfranchisement.
There are many reasons why you may want to buy the freehold to your flat. The main benefits are that it provides enhanced security and can have major cost benefits. It can stop the value of your flat deteriorating and usually helps you save money on service charges. You should also find it easier to remortgage or sell your flat as many mortgage lenders refuse to lend on flats with less than 60 to 70 years left on the lease.
Lease enfranchisement can be complex. It’s therefore important to seek legal advice if you are interested in buying the freehold. Our expert solicitors are highly experienced in this specialised area of property law and can provide all the help and advice you need. If you’d like to find out more about enfranchisement, call one of our friendly team on 08082747557. With our free initial assessment promise, it’s easy to find out what your options are with no obligations.