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Frequently Asked Questions
- I own a leasehold house. How much will the freehold cost?
- I want to extend my lease. Are there any additional costs payable other than the price of the lease extension?
- How can I buy the freehold of my building?
- How long can I extend my lease for?
- Why do I have to extend my lease?
- I own a leasehold house. How do I buy the freehold?
- What will it cost to apply to the Leasehold Valuation Tribunal (LVT)?
- What happens if we cannot agree on how much the lease extension should cost?
Frequently Asked Questions
How can I buy the freehold of my building?
Leaseholders have a legal right under the Leasehold Reform, Housing and Urban Development Act 1993 to act together to buy the freehold of their building if they meet certain qualifying criteria. This is known as collective enfranchisement. Alternatively, it is possible for leaseholders to negotiate with the freeholder informally to buy the freehold by agreement.
Informal route:
It is possible for leaseholders to informally approach the freeholder to try and acquire the freehold of their building by agreement. This is simply a matter of negotiation. There is no right to buy the freehold this way and consequently you cannot apply to the Leasehold Valuation Tribunal (LVT) to determine any terms. However, depending on the nature of any agreement it may be enforceable through a County Court.
Formal Route:
The Act sets out a procedure and timescales to be followed to acquire the freehold. Under this route the LVT can determine the price and terms of acquisition if you fail to reach an agreement.
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