Leasehold Enfranchisement Issues Explained
Sunday, April 15th, 2012The meaning of leasehold enfranchisement is a straightforward and simple concept yet some people are left baffled by it nonetheless. The idea behind this concept is that the leaseholders (tenants) of a building come together with the aim of buying the building from the landlord or the freeholder. They are all going to be freeholders after this.
When you and the other tenants are interested buying your building then you can ask for the advice of a solicitor. Surely he will tell you that the best way to do this is by forming a company and buying the building through that company. This is an easy process when you can convince your landlord to sell and when you have good legal support to rely on. The tenants and the landlord have to come to a conclusion as far as the amount of money is concerned. Once this is established then the legal process can begin. The solicitors will start to take care of the legal documents from this point forward. The moment the legal paperwork is complete the building will belong to the tenants.
However, this is a happy event because things don’t run so smoothly in real life. There are lots of problems that can appear in the course of this process. There are plenty of reasons why such a process is delayed and one of the most common reasons why this happens is the refusal to sell. The other party may also try to delay the process for no apparent reasons in order to increase the sum of money offered.
If you want to make sure that these tactics won’t influence the outcome of the case then you should hire the best lawyer to help you. You should make sure that you opt for someone that has the right experience in such cases. When you can work with a person who is experienced then he will know what steps need to be taken in order to speed up the process. If your solicitor doesn’t have the right experience then the other party will surely take advantage of this detail.
Buying the building that you live in is the right thing to do after a while. This is why you should bring this issue to the other tenants and discuss the options that you have. The moment you become the landlord of your building then you won’t have to worry about rent anymore. Keep in mind the possibility of leasehold enfranchisement and surely you are not going to regret it.
Leasehold Enfranchisement is the right for flat leaseholders to join together to force their landlord to sell the freehold to their block of flats to them.