Also known as “Collective Enfranchisement”
A group of leaseholders in a building can come together to buy out their freehold as of right. There are a number of qualifying conditions which must be met and if you qualify, you will need to know how much it is going to cost each leaseholder.
Potentially being more complex than a lease extension, there is a different calculation applied to valuing collective enfranchisement cases.
Depending on your circumstances we can provide one of our three main services:
Fast Track Valuation Reports
If you know the value of your property, this is a fast and cost-effective way to find out what your share of the freehold is worth. This comprehensive and professional report has a 24-hour turnaround and pricing starts from just £199 plus VAT for the first flat.
Detailed Valuation Reports
We produce a thorough and comprehensive report along with three valuations without needing to inspect your property, as we can find out all we need to know through access to professional property databases.
The valuations would set out a “best-case, worst-case” scenario for you and your fellow Leaseholders; explaining your options. This service is a recommended option if you want a more detailed analysis without the added expense of a site visit.
Property Visit Valuation Reports
Following a more traditional approach to property valuation, if your property is in the ‘Prime’ Central London area or is of a high value, or on a short lease, we often recommend a site visit. From our experience, central London properties often have more complex lease structures and variables.
Our site visit in which we measure your property or properties complements our full review of a sample lease and associated documentation, from which our best-case worst-case scenario report follows, including and most importantly our valuations for the worth of the collective enfranchisement, including a flat-by-flat breakdown of who should pay what.
You can call us today to discuss which of our services would be best suited for you. Alternatively if you have any questions, you can fill out our contact form on the right, or chat instantly with us during business hours using the chat facility in the bottom right-hand corner of the screen.
IMPORTANT INFORMATION
When it comes to collective enfranchisement cases, there must always be a short case-by-case initial discussion. We are usually able to give advice after asking a short number of questions about the property’s location, value and length of the leases.
In addition, we need to establish a few basic pieces of information, such as: are there additional garages? Are there parking spaces or development potential? Establishing facts like these allows us to give best advice.
Where the leases are below 80 years it is important to establish how many leaseholders are going to be participants in the collective enfranchisement. This information is not always certain, especially in the early stages, but it will have an impact on the premium payable by each participant. As such, we have devised a template system so that we can calculate our opinion of the likely share of the premium payable per flat regardless of our knowledge of the participating flats, as we undertake the valuation for each flat as a participant and as a non-participant.
In this way, our reports are flexible and useful no matter what combination of leaseholders participate in the freehold purchase.