Freehold Purchase (Enfranchisement)
If you’re thinking about purchasing the freehold to your property consult our accredited residential property solicitors.
Why should you buy the Freehold to a Property?
- The value of the property will increase
- The property will be more saleable as owning a freehold property is preferable
- No more ground rent or any other charges incurred upon the landlord needs to be paid
- You are no longer bound by restrictive covenants restricting the use of your property as you would in a leasehold – So you have control over management and maintenance of the property
- You own the outright of the property, so you do not need to worry about the lease running out or expiring
Purchasing the Freehold for Individual Homes
Under the Leasehold Reform Act 1967, leaseholders have the right to buy the freehold to their lease, dependent on the tenant fulfilling certain statutory conditions. However, if the landlord is not in agreement to sell the freehold then this process is called ‘enfranchisement’.
Qualifications for Freehold Enfranchisement
There are certain criteria’s to be met for a leaseholder to have the right to a freehold enfranchisement.
These criteria include:
- The house – The house must be considered a house where it is self-contained, and any adjourning properties are divided by vertical walls
- The lease – The lease must have more than 21 years remaining or have a right to renew
- The leaseholder – You must be the leaseholder at the time of application for an enfranchisement and must have held the lease for the last two years
How our Freehold Purchase Solicitors can help
The process of purchasing the freehold to a property can be complicated and as such professional advice is recommended.
Our accredited residential property solicitors have vast experience of completing numerous freehold purchases of all property types. This has allowed our residential property solicitors to encompass extensive knowledge and know-how of each step in the process of a residential freehold purchase in order to provide reassurance for peace of mind for our clients and ensure the process progresses smoothly and efficiently in the interests of both parties involved.
Price & Service Transparency
Monarch Solicitors provide highly competitive fees. For matters of transparency, a full personalised costs breakdown will be provided to you in our Terms of Engagement letter so that you are wary of the total potential costs associated to a freehold residential purchase.
Contact our Residential Property Solicitors:
We would like to discuss your residential freehold purchase requirements directly to find out how we can help.
Please contact our Residential Property Team by sending an email to us at [email protected] and one of our conveyancing solicitors shall call you back.
Alternatively, please call our residential property solicitors on 0161 820 8888 for a no obligation discussion.
Call us for a free initial consultation
Leaseholders have a legal right under the Leasehold Reform Act 1967 to buy the freehold of their house if they meet certain criteria. Alternatively, it is possible to negotiate with the freeholder informally to buy the freehold by agreement.
You can contact the Land Registry to find out who the registered freeholder is and if necessary obtain a copy of the freehold title register.
It depends on a number of factors including the rateable values of the house at different dates, the ground rent, the number of years left on the lease and the value of the house. You may be required to obtain the rateable value of the house in 1965 (or the first day of the lease, if later) and in 1990. These rateable values will tell your chartered surveyor whether to use the Original Valuation Basis or the Special Valuation Basis. Buying the freehold can be a difficult process.
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