Pros and Cons of Buying the Freehold
By Nicholas Kissen, Senior Legal Adviser This article originally appeared in Flat Living magazine, Winter 2011 It was not until...
If you are proceeding under the Leasehold Reform, Housing and Urban Development Act 1993 you will be responsible for your landlord’s reasonable costs. This is limited to legal and valuation costs e.g. the landlord’s valuation, legal costs of transferring the freehold and checking your right to buy the freehold.
You do not have to pay the landlord’s costs in connection with First-tier Tribunal (Property Chamber) proceedings.
If you are privately negotiating to buy the freehold outside the 1993 Act there are no rules regarding costs. It is a matter of agreement between the parties.
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
- Application to the First-tier Tribunal (Property Chamber)
- Application Form – Application for Determination of Reasonable Costs – Flats and Premises
- I am in dispute with my landlord but I do not want to go to Court or Tribunal. Is there an alternative?
- 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