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.
- The withdrawal of an individual leaseholder (participating tenant) does not operate as a withdrawal from the acquisition for the purposes of the legislation.
- Accordingly the initial notice will continue to be valid notwithstanding the withdrawal nor the fact that such a withdrawal will take the number of participating tenants below the required qualifying threshold.
- The remaining participating tenants will continue to be liable for all costs incurred in connection with the acquisition. It is therefore advisable that provision should be made in the participation agreement governing the terms on which participating tenants agree to conduct the acquisition of the freehold.
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
- Participation Agreements
- 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