Buying your freehold

Frequently asked questions

Can I buy the freehold (enfranchise) of my flat on my own?

No, purchasing the freehold is a collective process and requires both leaseholders if there are only two flats in the block or more than 50% of the leaseholders if there are three flats or more.

Does a company have to be set up?

Not in all cases. The freehold transfer can have no more than four names present on it; if there are more than four leaseholders wishing to apply or have an interest in the freehold title they will need to set up a company.

The leaseholders will need to arrange this themselves as the council has no involvement in this aspect of the transaction. If there are less than four names there is no requirement to set up a company. However the leaseholders can still do this if they wish.

How much will the freehold cost?

We are unable to give a definitive figure in response to this question. Providing you complete a voluntary application an inspection will be carried out and the costs provided in the form of an offer letter.

What are the overall costs?

The overall costs will consist of the agreed figure for the freehold plus the council's legal and valuation costs. You will be advised of the valuation and legal costs, depending on the type of application.

Can I get my own company to do the valuation report?

No, all inspections are carried out by the council's valuation service.

How long will the process take?

There is no realistic time that can be given as there are various factors that will dictate. In the event that an application were to progress without difficulty the application will take approximately three to six months.

What are my options when I receive my offer letter?

You can either accept or decline the offer or the leaseholders may wish to enter into discussions with the valuer.

Can I buy the loft space?

If a leaseholder of the upstairs flat wishes to purchase the loft space, they should contact the Landlord Services Team on 020 8871 8361.

Can I extend my lease without purchasing the freehold?

If a leaseholder wishes to extend their lease they should contact the Landlord Services Team on 020 8871 8361.

Home ownership options

View all home ownership options.

 

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