If you are going to proceed with UK freehold enfranchisement [also known as leasehold or collective enfranchisement or freehold purchase] then it is important that you and your fellow participating tenants pay close attention to the costs involved. Obviously, it is hard to predict exactly how much buying your freehold will cost as it will vary according to your property and how long the process takes.
Enfranchisement – the importance of getting the right valuation
One thing you will have to pay for is a qualified chartered surveyor, whose job it will be to provide you with a report valuing the freehold. It’s really important to appoint a surveyor who is experienced in freehold enfranchisement cases – we can put you in touch with the right one for you.
The costs involved in enfranchising
You will also have to pay solicitors costs. These will include the cost of serving notice on the current freeholder, setting up a new company to manage the freehold, the cost of transferring the freehold to that new company and preparing new leases. You might also have to pay for legal services at a leasehold valuation tribunal if your landlord is uncooperative and reluctant to sell you the freehold of the property.
In addition you will have to pay for an agreement that sets out the contributions of all of the tenants taking part in the leasehold enfranchisement, including the issue of new leases. Another thing you will have to pay is your landlord’s ‘reasonable’ legal costs, which will include their legal fees, the cost of their own valuation and his or her conveyancing costs.
The new freehold company
Also, if you set up a company to manage the freehold then it is likely that you will employ managing agents who will subsequently manage the building on behalf of you and your fellow tenants. The cost of paying for them will also have to be factored into your leasehold enfranchisement costs.
Thinking Of UK Freehold Enfranchisement? Contact Us Today
Our solicitors have extensive experience of UK Leasehold Enfranchisement. So wherever you live in the UK, we can help – you can instruct us by email, phone or Skype. For specialist advice ;
- Call us now on 0800 1404544, or
- Send us an email using the enquiry form below.
Comments or questions are welcome.