In certain circumstances, Leaseholders have a right by law to acquire the freehold of the block in which they live, at a price and on specific terms in accordance with the Leasehold Reform, Housing and Urban Development Act 1993. This is known as the Enfranchisement process.
As with a Right to Manage claim, there are a number of specific criteria which must be met and likewise it is a lengthy process. The process is dictated by law and can be fairly complex. As a first step, it is necessary to ascertain whether at least 50% of leaseholders (who meet the qualifying criteria) are able and willing to join the enfranchisement claim. Depending on the location of the block and the lease expiry dates, the price payable to the Freeholder for acquiring the Freehold can vary greatly but can be quite costly and this often precludes a proportion of the leaseholders from joining the process.
There are many considerations that need to be initially evaluated and then reviewed as the process moves forward and new issues come to light. Of utmost importance is that the process is arranged and managed by an experienced and professional company that is familiar with the process. At KMP Solutions, we can help guide you through the process.