If you own a leasehold property then you have the ability to purchase the freehold. All owners of Leasehold property have the rights to acquire their freehold, subject to meeting certain criteria.
Purchasing your freehold can be simple or complex depending of what type of property you own. If you own a House then the process can be simple. If you own a Flat then you individually would not be able to purchase your freehold but collective with other Flat owners you may be able to. Whatever your situation, our expert Lawyers are able to assist and advise you.
The simplest process is for those who own a House and agree a premium for the freehold directly with the Landlord. In these cases, the process can on most occasions be dealt with quickly and on a fixed legal costs basis. You will normally have to meet your legal costs and those of the Landlord but our Lawyers would be able to advise you as to what costs are payable and you would receive a statement from us before completion showing a breakdown of all the costs which you are responsible for.
If you are unable to obtain a private agreement with your Landlord for the purchase of your freehold then our Lawyers can advise you of the rights you have under legislation. This process will involve serving the Landlord with a notice of your wish to purchase the freehold. The process is then followed by the Landlord serving counter notices and a price is then agreed between you and the Landlord as to how much will be payable for the freehold. This process is complex and lengthy but our expert Lawyers are on hand to guide you through each step of the process.
Matters are more complicated for owners of leasehold flats. You are not able to acquire the freehold of the building personally but collectively with the other flat owners you could acquire the freehold. This is known as group enfranchisement. This is a complex process and can be expensive. Taylor Bracewell is experienced in dealing with these matters but you may find that you may benefit from a simple lease extension of your own lease.
For any enquiry you may have in respect of your freehold contact our expert Property Lawyers at our Sheffield or Doncaster offices.
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