There are a lot of benefits of freehold purchase if you’re able to successfully meet all the essential criteria. Purchasing a freehold is the legal procedure which permits apartment owners to exercise their freehold directly to purchase instead of having a lease on their own property.
It’s often known as collective or freehold enfranchisement. The entire procedure of freehold purchase can appear quite complicated to the uninitiated. This is why it’s always best to seek the advice and assistance of a solicitor who is experienced in this particular field.
Purchasing a freehold can be complex if you try to go through it all on your own, and also a professional freehold purchase solicitor will always make everything much easier. You won’t have to manage some of the paperwork and things moving back and forth from the attorney to the attorney representing the landlord.
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So as to begin the ball rolling in your freehold right to purchase you want to make certain you fulfill the basic requirements. For instance, your initial lease should have been for a length of at least 21 years to qualify. Along with this, it ought to be a residential rental – since the procedure doesn’t apply to business leases.
The building your apartment is part of must also includes at least 75% residential properties. Two-thirds of the entire number of flats should also be in a position to qualify for purchasing a freehold, irrespective of whether the apartment owners wish to or not. With that said, however, half of those eligible should take part – you can’t work out a freehold right to buy by yourself or with less than 50%.