You can approach your freehold owner informally and try to agree a price. However, if you are a block of flats then he will have an obligation to offer the freehold to all of the flat owners in the block.
There is also the option to exercise your right to purchase the freehold under Leasehold Reform and Urban Development act 1993. You can do so whether your property is a house or flat. Different qualifying criteria and procedures apply for each. Please contact us for a detailed explanation of the procedures involved in your case.
In any of the above we would recommend that you speak to a specialist valuer for advice on the premium to be paid. We can help put you in touch with a valuer.
- You have control of the finances and choices on tradesmen and insurances.
- You can extend the term of your lease for free!
- Ground rent can become nil
- Adding value to your property
- It takes a long time
- It can be costly
- You may have to rely on neighbours co-operating if you are collectively buying
- There will be work to do to set up a freehold company, accounts, insurances etc. somebody must be happy to take on the administration involved
Our legal fees will differ depending on your exact circumstances. Please contact us for a full quotation based on your case.