If you live in a leasehold flat and meet the qualifying criteria, it’s possible for you to purchase the freehold of the building from the current freeholder.
This will give you several advantages, including:
- Control over the management of the building, including insurance, maintenance, repair and decoration.
- Control over the management charges.
- Typically, an increase in the value of your property.
Before you proceed with a freehold purchase, you will need to discuss the matter in depth with the leaseholders of the other flats in your building, and get a commitment from those willing to participate – a ‘participation agreement’. We can advise and guide you through every step of the way.