Buying the freehold of your building from us
We aim to respond within 10 working days, however due to a high influx of applications, there may be a delay to our current response time. We would like to assure you we are processing all applications and will be responding to you as soon as possible
The Leasehold Reform states that leaseholders who own flats in the same building can collectively purchase the freehold. The legal term for this process is “Collective Enfranchisement”.
The benefits of buying the freehold are:
- you'll become the landlord and decide how to manage the building so for example how and when you do repairs to the building
- there's no need to worry about your lease term reducing and associated extension costs
- often people looking to buy a leasehold property consider it more desirable, where they also can have control of how the building is managed
- the value of your property usually increases when you own a part or all of the freehold
You'll be taking on:
- building insurance
- planning structural repairs and maintenance
- if you own 100% of the freehold you'll provide leasehold services for your fellow leaseholder, eg structural repairs and maintenance, service charge billing and collection
- joint responsibility for the tasks listed above if you share the freehold with your neighbour
We recommend you seek professional advice to find out if you can acquire the freehold interest. You can also visit the Leasehold Advisory Service website.
Costs
- £362.00 administration fee to process the application
- if agreed, legal and valuation fees will apply
Guidance notes on buying the freehold of your building (PDF, 161kb)
Page last updated: 29 May 2024
