Advice / feedback on buying your freehold

robin23

We own our flat leasehold and along with the other three flats in the building are keen to look at buying our freehold. Our leases need to be extended soon anyway and we're unhappy with our management company so this seems like a good option to take control and invest in our property.

We've had some useful info from an advice service and understand many of the practicalities / legalities associated with joining forces with the other flat owners.

We have been given some idea of legal costs and a very rough estimate of what the freehold may cost, as well as being aware that it may go to a tribunal (though I understand most do not).

We'd be really grateful for any feedback from other homeowners who've bought their own freehold.

Many thanks in advance!

Fire_Fox

Does the current superior landlord want to sell the freehold? AFAIK you can exercise your right to manage without the say-so of the superior landlord, but you cannot force them to sell the freehold.

Richard_Webster

AFAIK you can exercise your right to manage without the say-so of the superior landlord, but you cannot force them to sell the freehold.

If you have at least 50% of qualifying lessees, and the landlord is not one of a small number of excepted categories of landlord, yes you can force them.

Obviously there is significant cost involved in the legal process so if you can achieve a purchase through negotiation sometimes this is better.

Freeholder will only sell if he knows you have 50%. The danger is that if you start off working out the cost if everyone joins in and find only say 2/3rds do, the cost for each increases by 50%. Then some more drop out because of the cost to them and you lose your 50%. One of the key points is to be pretty sure that you will keep enough people with you in progressing this - otherwise it falls flat when some lessees drop out because they weren't that bothered and the cost becomes too high for them.