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.
As a leaseholder, if you do not wish to do so, you do not have to participate in buying the freehold.
If you do not take part you will remain a leaseholder and the terms of your lease will stay the same.
The only major change will be that your neighbours that participate in the process, will take over the management and make decisions in relation to maintenance.
If you want to join in the purchase or buy a share of the freehold at a later date this will be at the discretion of the leaseholders who now own the freehold. You will no longer have the right to insist that the existing owners sell you a share. All you can do is negotiate to purchase a share. Therefore is important to consider at the outset whether you wish to participate in the purchase.
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