As an alternative to Right to Manage, you could purchase the freehold of your property subject to a number of terms and conditions. Whilst obviously more expensive than obtaining your right to manage status it does give you and your co-lessees complete control of the property, its management and day to day running of your block.
The first port of call is to establish whether you have the requisite number of leaseholders in your block who are willing and able to participate. You will at least require half of the total number of flats. In the situation where there are only two flats then both must wish to participate. The term of your lease at outset must be at least 21 years and no more than 25% of the building may be commercial.
Once you have your team in place you will need to instruct a valuer/surveyor to ascertain the value of the freehold. You should also instruct a specialist lawyer to act on your behalf. You will need to select a nominee purchaser which can be one of you or a company formed by the leaseholders for the purpose of the purchase. Your lawyer will then serve notice on the freeholder of your intention to purchase.
A price will need to be agreed and your landlord will no doubt carry out a valuation for himself which may differ from your valuation. This could mean that there is a delay while each party negotiates the figures. You must also bear in mind that the landlord probably doesn’t wish to sell and will, therefore, be in no particular hurry to complete matters. If a figure cannot be agreed your solicitor will recommend that the case is taken to the First Tier Tribunal (FTT) who will mediate between the two parties and establish the freehold’s value.
For further information and assistance with purchasing your freehold please call us now on 01202 555560
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