There are various alternatives open to you; which involve following established statutory procedures and which could give you a lot more control over the way your block is actually managed.

Extending your lease

The simplest option is to apply for an extension of up to 90 years (in addition to any unexpired term), and we can assist you through the process.

Buying the freehold

If you’re interested in taking control of your block, then as long as certain criteria are met, you have the right to join together with other leaseholders in the block to buy the freehold.  The legal term for this is collective enfranchisement.

If you’re successful in buying the freehold, you effectively become both landlord and tenant and can extend the lease on your property by granting yourself a new lease of up to 999 years.

Again, this process is governed by statute, and you will need to set up a freehold company or trust to do it.  You can find more information about setting up a company by clicking here.

Buying the freehold will give you control over the building and how it’s looked after, but it also comes with significant responsibilities, specifically managing the property collectively and ensuring that the freehold company is run according to the requirements of the Companies Act.

Our specialists can guide you throughout the procedure from issuing an initial notice to your landlord, to helping establish the company.

To discuss the option that suits you and to find out more about the criteria for buying the freehold, please contact Amanda Lee.