<Freehold Enfranchisement>Selling a Freehold>I want to sell my freehold
I want to sell my freehold
There is a formal legal process to follow when selling your freehold. We will work with you and your legal advisors to get you the best price possible.
Please contact our team to discuss a quotation tailored to your needs.
Do I qualify for selling my freehold?
You qualify if:
- 50% or more of leaseholders are participating (if there are only two properties in a block, then both must participate)
- The original lease must be in excess of 21 years
- Charitable housing trusts, properties in a cathedral precinct, etc are exempt
- If Freeholder converted / has lived there before and after conversion / been there for past 12 months
- There cannot be more than 25% commercial use
- It cannot contain more than two plots
- More than two-thirds must be qualifying tenants
- Vertical division.
What is the process of selling a freehold?
- Instruct a solicitor to draw up a participation agreement.
- Instruct a surveyor to carry out a valuation.
- Instruct a solicitor to serve a Section 13 notice
- The freeholder has a maximum of 2 months to respond with a Section 21 notice.
- Instruct a surveyor to negotiate a fair and reasonable premium.
- If a premium is not agreed before 6 months has passed from the Section 13 Notice, this is the latest an application to the First Tier Tribunal can be made.
- Solicitors agree terms of the transfer of the freehold.
- Upon agreement of the terms, there is 4 months to complete the process.
NOTE: FULL ACT
Under the Leasehold Reform, Housing and Urban Development Act 1993 qualifying leaseholders are entitled to purchase the freehold as long as there are 50% or more qualifying tenants participating in the enfranchisement claim. The original lease must be in excess of 21 years.
To discuss the process in greater detail and receive a quote, contact one of our experts.
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