OWNERS of residential flats can now force their freeholder to sell the freehold provided at least 50% of the tenants participate. This is known as freehold enfranchisement or collective enfranchisement. There are a number of qualifying requirements:
- 1. In order to participate in a freehold enfranchisement the tenancies must originally have been over 21 years in length and at least two thirds of the flats must be qualifying tenancies.
- 2. Less than 25% of the building can be commercial space.
- 3. The building must be self contained and structurally detached.
A freehold enfranchisement can be made unsuccessful or more difficult by such factors as a resident landlord or where three or more flats are held by one individual. Freehold enfranchisement is a complex matter and requires careful planning and expert advice so if you would like to take advantage of a free consultation please call Charles Tellerman MRICS on +44 207 792 9950.