The Landlord and Tenant Act 1987 requires landlords interested in selling their property to offer the leaseholders first refusal on the purchase of the freehold.
Even in the case of an absentee freeholder, you may still be able to extend your lease, buy your freehold or exercise your right to manage. It might even be cheaper than usual.
Public concern about extortionate service charges and poorly managed buildings led to the Right to Manage (RTM) process under the Commonhold and Leasehold Reform Act 2002.
There are several reasons why leaseholders decide to pursue the right to manage process, all centred on the opportunity to exercise greater control over their block.
Unlike leasehold enfranchisement and lease extensions, you do not have to pay your landlord a premium. This makes right to manage much more cost effective.
The right to manage process enables you to exercise greater control over the operation of your building. We have broken this process down into eight simple stages.
There are various statutory criteria which need to be fulfilled in order to qualify to exercise your right to manage. These requirements relate to the nature of your block.
Leasehold enfranchisement, also known as collective enfranchisement, is a joint process by which a group of flat owners purchase the shared freehold of a building.
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.
Leasehold enfranchisement can be both time-consuming and expensive, but we like to break the costs down into five simple stages.