Acquiring your Freehold Interest

In practice most residential blocks of flats where occupants have an excess of 21 years remaining on their leases, will qualify for collective enfranchisement. That is the ability to buy the freehold.

For this to occur, at least 50% of the leaseholders must agree in principal to this. The ‘collective’ then gain control and ownership of the building. This means that you can decide on policy, appoint managing agents or manage the building yourselves. Potentially this could achieve savings, by reducing costs.

You will need to consider the procedure, financing and structure used. We have an experienced team who will talk you through all your options and will then liaise directly with your legal representatives.

We will continue to work with the directors once the company is set up to make its operation as efficient as possible and will deal with the accounting and taxation issues. This includes the preparation of statutory accounts and attending at Annual General Meetings if required.

For more information please contact us.

Plummer Parsons

Plummer Parsons