At Lease X, we are experienced specialists in collective enfranchisement with a proven track record of achieving excellent results for our clients. As members of the Royal Institution of Chartered Surveyors (RICS) and RICS Registered Valuers (RRVs), we are committed to providing expert guidance throughout the enfranchisement process.
Our goal is to help our clients acquire their freehold at a reasonable cost. Each year, our team handles hundreds of lease extensions and collective enfranchisements, ensuring that clients receive the best possible outcome.
While the costs associated with collective enfranchisement can be substantial, they are often not significantly higher than the combined cost of individual lease extensions for each flat. By acting collectively, there are frequently savings to be made, with the total professional fees, including those of both your team and the freeholder, typically being lower per flat.
To help set a budget, we provide free, no-obligation quotations for our valuation and negotiation services. Our fees are fixed, so you will know from the outset exactly what our charges will be to complete the collective enfranchisement process.
We can also recommend trusted Collective Enfranchisement Solicitors to handle the legal aspects of your claim and, where possible, provide an estimated “ballpark” figure for the total enfranchisement costs payable to the freeholder.
For a quotation, please call us on the number below or complete the enquiry form.
There are some similarities but they are different and are controlled by different law.
We can provide a comprehensive valuation report identifying the cost. We can also provide a breakdown per flat so each leaseholder knows what their portion of the cost is.
Whoever buys the freehold will have the right to receive ground rent from the non participants and potentially a further premium if they want to extend their lease in the future.
The total compensation due to the Landlord (e.g. a freeholder) includes different amounts for different flats based on issues such as lease lengths and property size. We can identify a proportionate split but leaseholders can of course decide something else if they wish.
The cost for them to join in with buying the freehold is normally very modest. By doing so, they receive benefits such as unlocking any development value, controlling service charges and having a more marketable interest if they choose to sell in the future.
In order to purchase the freehold, at least half of the leaseholders must agree. The more who join in, the lower the average cost per leaseholder is. If someone misses out now, it may be very difficult for them to join in after the transaction completes. Ideally, each leaseholder would join in at the start but they can decide to join in part way through the process, thereby reducing the cost to other leaseholders.
Yes, absolutely and we’d be delighted to help you to do so. In fact, our valuation report also provides estimates of what it would cost for individual lease extensions.
The Leasehold Reform, Housing and Urban Development Act 1993 gives flat owners the right to a collective enfranchisement (purchase the freehold of their building) providing the following conditions apply:
