Buying the freehold of your property, known in the jargon as leasehold enfranchisement.
Some recent changes to property law have made it easier to make a claim.
With falling property values some property investors with leasehold property might see now as an ideal opportunity for to capitalise on their investment.
So if you are a landlord who no longer wants to have a landlord read this Times article to get an idea of where to start.
Free property management software, Free tenancy agreements
Buying a share of freehold is certainly an excellent way right now of adding value to your flat.
ReplyDeleteBut it is no easy option. Not least because you need to rally 50% of the block to come in with you. Easy if there are 5 flats in your block, another matter if there are 100.
And getting rid of the freeholder may just be the start of your problems. They may seem unwanted but the "landlord" as they are known in law may well appoint a company that does a better job or be a company that does a better job of managing your block than you and your neighbours. So be warned!
You can find professionals in your area expert in this area at www.alep.org.uk or you could use an intermediary like Leasehold Solutions who are at www.leaseholdsolutions.com.