Freehold Purchase – Enfranchisement
A lessee’s right to buy the freehold of their property is known as enfranchisement.
The basis of the enfranchisement falls into two categories:
Collective Enfranchisement of a block of Flats
The Leasehold Reform Housing and Urban Development Act 1993 (as amended) gives the lessees in most blocks of flats the right to collectively buy their freehold.
There are a number of qualifications that lessees must meet and there are certain situations where a property may not qualify to be enfranchised.
With our extensive knowledge and
Our detailed valuation report will advise you from the outset, the amount you should expect to pay as lessees or the payment you are likely to receive if you are the freeholder and explain how there may be scope to improve upon these figures.
Leasehold house in London and the south of England are now fairly rare. Those that remain are often due to the fact that a lessee is not aware they have a legal right to buy their freehold. There are however a few exceptions where a house will not qualify.
We are able to advise you whether the qualifications are met and the price that should be paid to the acquire the freehold. The basis of the valuation will also depend on a number of factors and we will advise you from the outset of the basis applicable to your property.
Our skills at conducting negotiations within the statutory framework will ensure the most appropriate price is agreed.
Please contact us to obtain a copy of our free Guidance Notes which will provide you with further information
“AEF Property Consulting approached my wife and me, to advise us that we had the legal right to buy the freehold of our house, which we held on a 47-year lease. We had always understood we did not qualify to buy the freehold.
They talked us through the process and provided a comprehensive report outlining the valuation issues. They negotiated the price for us and were able to agree this within their initial budget. I also know this was for significantly less than the price the freeholders had been asking us to pay just to extend our lease.
AEF also recommend a solicitor to us, who dealt with the legal process very efficiently, and between them, the 2 companies made the whole process extremely straightforward.
My wife and I are now very pleased to have secured our freehold which will protect our house as an asset for our future.”Mr and Mrs F
AEF Property Consulting and AEF Property Management are part of: AEF Property Limited
Registered Office 19 New Road, Brighton, East Sussex, BN1 1UF - Company No: 11472727