A Freehold Enfranchisement Valuation is needed if qualifying leaseholders wish to purchase the freehold from the current freeholder using collective enfranchisement. Here at Morgan Sloane, we are a team of independent, RICS registered Chartered Surveyors who can provide thorough and accurate Freehold Enfranchisement Valuation reports. Interested in finding out more about freehold valuations for collective enfranchisement? We've compiled some useful information on what a freehold enfranchisement is, why you might need one and how to determine if you’ll qualify for it.
What is Freehold Enfranchisement?
A Freehold Enfranchisement Valuation, also commonly referred to as the Collective Enfranchisement Valuation, refers to a valuation report of a freehold that contains two or more leasehold flats. Generally, this type of valuation report will be required when qualifying leaseholders are trying to purchase the freehold from the current freeholder using collective enfranchisement.
What is Collective Enfranchisement?
If you have purchased a leasehold property in a block of flats, you and/or other leaseholders are entitled to the right to buy the freehold of the building under the Leasehold Reform Housing & Urban Development Act 1993 (as amended).
Why do you need a Freehold Valuation?
In order to purchase the freehold of a building, you’ll need to ensure that you are paying the correct price. It’s highly recommended that you use a firm of independent, RICS registered Chartered Surveyors to conduct this valuation. In doing this, you’ll be able to ensure that the valuation report is accurate and trustworthy to provide you with an up to date figure. There are also numerous legalities that must be adhered to which an experienced surveyor will be aware of.
Do I qualify to purchase the freehold of my property?
In order to qualify to purchase the freehold, you will need at least 50% of the flats in the building to join in (participate), they must also considered to be qualifying tenants. In situations where there are only two flats in a building, both tenants must be willing to participate. There are other important factors to consider too, for example, the building must include at least two flats and at least two thirds of the flats must be owned by qualifying tenants.
Can Morgan Sloane Help with Freehold Enfranchisement?
Morgan Sloane is an independent firm of RICS registered chartered surveyors based in Essex. We’re experienced in conducting Freehold Enfranchisement Valuation reports and ensuring that these are all accurate, cost effective and produced in a timely manner.
Interested in finding out more about how we can help you with a Freehold Enfranchisement Valuation report in Essex? Get in touch
with our team today.