The Leasehold Reform, Housing and Urban Development Act 1993 does not address this point and so it is a matter for agreement between the participating leaseholders. It is important to agree on this point prior to starting the process. You may wish to enter into a Participation Agreement to make sure all the participating leaseholders provide funds in the agreed proportions.
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:
- Participation Agreements
- 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