If you own a Leasehold property, it may be possible for you to purchase the Freehold. This will mean that you can own the land on which your property is built, plus all the common parts, jointly with the other Leaseholders on your Freehold land.

Owning the Freehold property will mean that you will not need to extend your Lease, saving you money in the long-term. In addition, you will be in a position to make rules common to all occupants of the Freehold.

Purchasing the Freehold will make it easier to sell, as mortgage companies are often reluctant to provide a mortgage where a Lease is due to expire within the next 75 years.

Leasehold Flat owners have a right to compel the Freeholder to sell the Freehold to them. If 50% or more of the Flat owners commit to this process and can negotiate a suitable purchase price, they can purchase the Freehold through the formation of a Company where they are all Shareholders. Our Daniel Parman of the Company Department will be able to provide you with further information and a costs estimate in relation to formation of a Company.

If you require further information on this area of law, or to arrange an appointment, please contact us.