Reasons to Buy Your Freehold

The value added to your property by purchasing your freehold normally outweighs the cost, which in any case is only slightly greater than merely extending your lease.

There are numerous benefits to leasehold enfranchisement:

  • Increase the market value of your property
  • Make your flat more attractive to buyers and lenders
  • Vary the terms of your lease
  • Give yourself a lease extension at zero premium
  • Exercise greater control over the management of your building

However there are also some drawbacks to consider:

  • It is a lengthy process (usually 9-12 months)
  • It can be expensive, depending on the number of flats, the percentage of flat owners taking part, the value of your property and other factors
  • It is difficult to coordinate because it’s a joint rather than an individual process

 

Written by Simon Masters

Senior Associate Solicitor