If you are the leaseholder of a house and you wish to buy the freehold there are two options.
Statutory Enfranchisement is a claim made to establish eligibility to buy your freehold at a price agreed, or determined via Tribunal proceedings. In addition to the premium payable for the property, the claimant (leaseholder) will have to pay the landlord's legal and valuation costs, Land Registration fees and Stamp Duty (if applicable) as well as their own costs.
This area of legislation is complex and we recommend seeking independent legal advice. LPM acts for the landlord and are not able to provide legal advice.
In some cases, particularly if there is urgency or time pressure to complete a transaction, if the leaseholder does not qualify for enfranchisement, or if there is a desire to reduce the costs and complexity associated with making a ‘formal’ or Statutory claim, our clients may offer you terms to acquire your freehold ‘informally’ or voluntarily (meaning outside of the constraints of the legislation requirements). If you would like to a voluntary offer from your Landlord, prior to your Landlord providing a price, as assessment fee is payable. If you would like to start this process, please e-mail as at email@example.com.