Collective Enfranchisement - Getting Started
Outlining the qualification criteria and procedure in relation to collective enfranchisement (buying the freehold) of a residential leasehold building (flats)
You will need to agree with each other how you want to hold the freehold. The options available are;
- to form a company. The Articles of Association of the company would govern how the company is run.
- to hold the freehold in individual names on trust for each other. Only 4 trustees can be registered at any one time at the Land Registry and so the registered trustees would hold the freehold on trust for the other co-freeholders. It is advisable to draw up a trust document to govern your ownership of the freehold.
You should take specialist advice on the best option for your particular circumstances.
More information you might find useful:
- Participation Agreements
- Companies House (external link)
- More Frequently Asked Questions on Buying the Freehold of Flats
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