Buying the freehold interest
Freehold Enfranchisement
Take control of your property by acquiring the freehold interest.
collective enfranchisement
Freehold Enfranchisement
As an alternative to individual lease extensions, Collective Enfranchisement may be pursued. This is the process whereby the qualifying majority of leaseholders of a building arranged as flats (purpose built or converted) can acquire the freehold interest as a right under “The Leasehold Reform Housing and Urban Development Act 1993 as amended”.
While not dissimilar to the method employed to deal with lease extensions, the qualifying criteria and valuation process is different in subtle and at times complex ways.
Expert professional valuation advice is advisable early on in the process if you are considering collective enfranchisement. Chroma Surveyors work closely with solicitors to advise both landlord and leaseholder clients on their rights under the legislation, the valuation implications and anticipated professional fees etc.
collective enfranchisement
Considering Collective Enfranchisement?
If you are considering collective enfranchisement, please give us a call for a free initial consultation as enfranchisement valuations need to be considered on a case by case basis. When it comes to collective enfranchisement, it is always advisable to consider not just the circumstances relating to the property but the motivation to enfranchise as the Right to Manage (RTM) can be a viable alternative option to achieve the desired goal. Furthermore, where the leases are less than 80 years, it is particularly important to establish the level of leaseholder participation as this will affect the overall price for the collective enfranchisement.
Our reports are tailored to cover a range of possible participant and non-participant levels as we appreciate this can be something of a “moving target” during the initial stages of consideration of the viability.
Our valuations are comprehensive usually involving inspection of the property and a representative number of flats, calculation of gross internal floor areas, researching reversionary and short lease values and providing premium valuations on multiple variables including low opening offers to be inserted in any Section 13 Notice that your solicitor serves on the freeholder.
Chroma Surveyors can provide comprehensive valuation advice whether for a multi-million pound period building in Prime Central London, a small provincial conversion or large purpose built blocks.
Contact us to speak to one of our surveyors.