Collective Enfranchisement
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If you get collective enfranchisement on your Canterbury building, the board of your corporation will allow you to control key building decisions, which another agency would usually manage. Rely on an RICS valuation surveyor to assist you.
Valuers dealing with Freehold properties in Canterbury and Home Counties
According to the Leasehold Reform, Housing and Urban Development Act 1993 (as it has been revised), a group of Leaseholders is able to buy the freehold of a block of flats from the Freeholder if they fulfill some necessary criteria.
Collective Enfranchisement is attracting more interest lately as many Leasehold owners find out the benefits of owning a share of the freehold. It is necessary to consult both a lawyer and a professional advisor if you are planning to get the freehold.
Thinking about putting your Canterbury block of flats on the Tenant Management Organisation list? Choose an RICS Valuation Surveyor for the job.
Advice about purchasing the property freehold can be given by experts, so you and your fellow leaseholders may have an opportunity to do so. Enfranchisement gives the leaseholder the opportunity to buy the freehold or sign an extended leasehold agreement.
Because getting enfranchised in Canterbury is not simple, it is important to work with people who have the necessary experience. What are the advantages of having the freehold? There are certain situations in which blocks of flats are usually bought by all the leasehold owners.
What Advantages does Buying the Freehold have?
You have the option instead of a lease extension to take part in collective enfranchisement. This is when a block of flats’ residents take measures to own the freehold. It becomes possible to extend the leases of the apartments for no extra fee to the occupants, while ground rent is canceled, which helps the property’s value and makes it easier to put up for sale.
Instead of paying more for lease extensions, each person can now buy their portion with no extra fees, there will be no ground rent, and the value of the house will rise when sold.
Freehold ownership makes it possible for people to be in charge of the management by taking care of issues themselves or using agents and contractors they choose.
Stepping in as an owner means you save on expenses, so insurance and management of your building can turn out to be less costly
Conditions for Eligibility in Freehold Enfranchisement
Proper management in any form is necessary for businesses to maintain themselves and reach their set goals. Purchasing a freehold will allow you to own the land and the building legally. With this authority, you get more ability to manage the building as you prefer. You decide on the company that will manage and maintain your housing complex as well as the contractors who will act for other services. You thus need to meet the requirements to be eligible.
- Two or three flats must be owned by suitably qualified tenants (whose leases amount to at least 21 years)
- flats that are separate and stand alone
- having 3 or less properties as a leaseholder
- most of the floor area must be used for housing at least 75%
- at least 50% of participants have to agree
- not being the occupants in the building as freeholder
RICS Valuation Surveyors provide help with buying Freehold Property in Canterbury.
The first thing to do is for the leaseholder group to come together and set up a company (the nominee purchaser) and then to choose a purchaser to represent them.
At the start of the Notice, the leaseholders present facts about the flat owners and the building, their independent surveyor, and the price suggested for buying the freehold.
When the Notice is received by the freeholder, they get 2 months to answer. The freeholder will respond to the leaseholder’s request in a counter-notice, agreeing or not and with what conditions, if any. If they miss (or are late) to provide a counter-notice, the right to buy freehold automatically belongs to the leaseholders, according to the terms mentioned in the initial leaseholders’ notice.
In case negotiations between the nominee purchaser and the freeholder end in disagreement over the price, within 6 months after getting the counter-notice, leaseholders can apply to the Leasehold Valuation Tribunal. So, you should follow these actions:
- Make sure that you meet all the eligibility requirements for getting the freehold.
- help set up a company for the people living in eligible leased homes
- appoint a purchaser
- call a solicitor and surveyor to get their guidance
- find out the expert opinions and valuation of the freehold price for purchase
- send a copy of the initial notice to the freeholder
Valuation for Divorce (Matrimonial)
A Divorce Settlement Valuation is a service that will enable you to split them appropriately in the divorce settlement. It guarantees that no matter what the terms of the settlement are, the equity is divided proportionately.
How much are shares in a Freehold property?
The fee you have to pay for the freehold mainly depends on the worth of every flat and the remaining lease time. The Leasehold Reform, Housing & Urban Development Act 1993 offers a way for freehold valuation surveyors to come up with an estimated premium for leaseholders participating in enfranchisement. Understanding every aspect of the freehold is very important. The basement or underground parking area as part of the building may make the buying process more complicated. It should also be stated that if any part of the property leases is for less than 80 years, the overall purchase price will increase.
