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LEASE X are experienced specialist collective enfranchisement valuers with a proven track record of achieving great results for our clients. We are members of the Royal Institution of Chartered Surveyors (RICS), RICS Registered Valuers (RRV’s).
Our aim is to help our clients achieve their collective enfranchisement at a reasonable cost to them. Our team have been dealing with hundreds of lease extensions and collective enfranchisements each year.
If you would like to Collectively Enfranchise (buy your freehold) at a reasonable cost, instruct LEASE X – Chartered Surveyors and Valuers to carry out the valuation and negotiations on your behalf.
The costs of Collective Enfranchisement can be significant but are frequently not much more than the individual costs of Lease Extensions for each of the flats.
As there are very often savings to be made from acting in bulk, the total professional fees including the freeholders’ and your own, are likely to be lower per flat.
In order to set a budget, LEASE X provides free no-obligation quotations of our valuation/negotiation costs for our potential clients. Our fees are set on a fixed price basis, so our clients know from the outset what our charges are going to be to complete the Collective Enfranchisement.
We can also seek quotes from one of our recommended Collective Enfranchisement Solicitors to deal with the legal aspects of the claim. Where it is possible, we will also provide a “ballpark estimated” figure for the Collective Enfranchisement Costs payable to the freeholder.
For a quotation please call our number on 01273 274 059 or complete the form.
There are some similarities but they are different and are controlled by different law.
We can provide a comprehensive valuation report identifying the cost. We can also provide a breakdown per flat so each leaseholder knows what their portion of the cost is.
Whoever buys the freehold will have the right to receive ground rent from the non participants and potentially a further premium if they want to extend their lease in the future.
The total compensation due to the Landlord (e.g. a freeholder) includes different amounts for different flats based on issues such as lease lengths and property size. We can identify a proportionate split but leaseholders can of course decide something else if they wish.
The cost for them to join in with buying the freehold is normally very modest. By doing so, they receive benefits such as unlocking any development value, controlling service charges and having a more marketable interest if they choose to sell in the future.
In order to purchase the freehold, at least half of the leaseholders must agree. The more who join in, the lower the average cost per leaseholder is. If someone misses out now, it may be very difficult for them to join in after the transaction completes. Ideally, each leaseholder would join in at the start but they can decide to join in part way through the process, thereby reducing the cost to other leaseholders.
Yes, absolutely and we’d be delighted to help you to do so. In fact, our valuation report also provides estimates of what it would cost for individual lease extensions.
The Leasehold Reform, Housing and Urban Development Act 1993 gives flat owners the right to a collective enfranchisement (purchase the freehold of their building) providing the following conditions apply:
