Quiz - how well do you understand your lease?
Understand the key things you should know about your lease. If you are a purchaser, this can help make sure your solicitor has covered all of these points and explained them clearly to you.
Yes, there is potential investment value for third parties who are willing to fund the cost of enfranchising non-participating flats. These are often called “White Knights”. The non-participant element of the premium can often be considerable, but these individuals and companies would offer “white knight” funding in exchange for shares in the freehold company. Any additional funding should be investigated before serving the claim notice and any written contracts for third party funding should be analysed carefully. We would advise that you seek legal advice before entering into any agreement.
For leaseholders who are constrained by a budget, this option can prove invaluable and enable a collective claim to proceed where it might otherwise fail for lack of funds.
Buying the freehold can be a difficult process. We recommend you get professional help from a solicitor and surveyor with experience in this area.
More information you might find useful:
- Collective Enfranchisement – Getting Started
- More Frequently Asked Questions on Buying the Freehold of Flats
Still not found the answer?
Contact LEASE to have your enquiry dealt with by one of our experienced advisers