Margaret Evans, Head of Corporate Law discusses finding a buyer in the part 5 of The Selling Process Series.
If you own a flat on a leasehold basis, you will only own it for a fixed period of time. When the leasehold period ends, the ownership of the property reverts to the landlord.
However, you can exercise a right to join together with other leaseholders within the same apartment block to buy the leasehold from the landlord. This is known as collective enfranchisement or leasehold enfranchisement.
There are many benefits to buying the freehold to your flat. It would give you enhanced financial security and can stop the value of your flat deteriorating. It usually helps you save money on service charges. You should also find it easier to re-mortgage or sell your flat as many mortgage lenders refuse to lend on flats with less than 60 to 70 years left on the lease.
Lease enfranchisement can be complex. It’s therefore important to seek legal advice if you are interested in buying the freehold. Our expert solicitors are highly experienced in this specialised area of property law and can provide all the help and advice you need.
If you’d like to find out more about enfranchisement, call one of our friendly property lawyers at FDR Law on 01925 230000. You can find out what your options are without obligation.