If you are living in leasehold flat and everything is going very well, obviously you will not wish to move from there. Really, it will be a great deed if it will become yours forever. There can be a situation when your neighbor will also like to own their flats in London. The solution is very simple, it’s your right to enfranchise. Collective enfranchisement in London can be very beneficial for participant lease holders.
Your right as lease holder: When you buy a freehold collectively, law gives some rights to all the participating tenants. As a freeholder, you have two rights which are given below:
- You have the right to buy freehold of building either individually or collectively.
- If you want to extend your lease, you have the right to buy the freehold of your house or flat. The only condition will be that you should own the property for atleast two years from the date of claim creation.
Benefits of buying freehold collectively: When you acquire a freehold the full ownership will be of the participating tenants. Many times, management of your building can not be done in your desired way or according to your requirements. Buying freehold allows the lease holder to select the managing agent who will be directly accountable to the leaseholders.
You can get rid of several problems such as excessive cost of insurance and maintenance. You can get the right to development in the property for your personal benefits. Lease holders have the right to modernize the lease. If you are intended to own a freehold collectively, you can get many more benefits.
Guest post by Leaseextend.co.uk