There are additional requirements but the above are the main prerequisites.
The benefits of purchasing the freehold include increasing the value of your own flat, paying no further ground rent, controlling the management of your property and arranging the maintenance and insurance for the building. The participating leaseholders form a company, which will act as a Nominee purchaser, to buy the Freehold.
The process is initiated by the service of a Section 13 Notice under the LRHUDA 1993 by your instructed solicitor. The Initial Notice will include the deadline by which the Landlord must serve the Counter Notice. This is a minimum of two months from the date of service of the Initial Notice. There is then a statutory period for negotiation to settle the premium with the other side’s surveyor on your behalf. If the two parties still cannot agree the premium, then an application is made to the First Tier Tribunal (Property Chamber) for determination on unresolved issues concerning the valuation.
We act for both Lessees and Lessors and provide the following services:
• Valuation advice for the cost of the Freehold;
• Undertaking negotiations on behalf of the leaseholders or Landlords; and,
• Preparing and providing expert evidence at the First Tier Tribunal (Property Chamber).
We offer full valuation and negotiation services concerning the freehold purchase process for our clients. The process for purchasing the freehold requires expert advice so please contact us for your free initial consultation.