Buying the freehold of your building from us
Qualifying to buy the freehold of your building
As a leaseholder you must have a long lease which includes any of the following:
- for a term of more than twenty one years
- granted under the Social Homebuy scheme with 100% ownership
- granted under Right to Buy
- Right to Acquire under rent to mortgage terms
Regarding the building:
- there must be at least two flats in the building
- at least two thirds of the properties must have been sold on long leases
- the number of tenants wishing to purchase the freehold must be equal to at least half of the properties in the building
In addition:
- any leaseholder owning more than two flats in the building can't be a qualifying tenant
- joint leaseholders are treated as one qualifying tenant
- a building won't qualify if 25% or more of the building's internal floor area, excluding common parts, is used for commercial purposes
- properties occupied by council tenants must be leased back to the council on 999 year leases
- council tenants are still able to exercise their Right to Buy their properties
- the new freeholder will collect service charges for properties not involved in the freehold purchase (including those leased back to the council)
- the new freeholder is responsible for all future maintenanceto insure the building
Page last updated: 29 May 2024
